Coronavirus is underway, with the uncertainties rising. People are absent from work while schools-colleges and public transports remain closed (for some period). As people feel safe inside their haven, things are required to live life.
It’s not like the circumstances have become so severe that people are not going out to buy stuff. Many parts of the world are free from this pandemic or have less number of Coronavirus positive tested patients. Still, everyone fears, as no one knows how long the problem will stay or will maximize to their region. Until then, businesses must take charge to sail people through to these troubles. How?
People are experiencing exploitation while buying sanitizers, toilet papers, diapers, etc. As the supplies are low, one can see them being sold and resold at very high prices. Owing to the crunch, sure it helps in making money, but it’s against the good faith of business that neither is entrepreneurship nor marketing.
Business sales will stay hanging for a while. In China, the virus caused a 20.5% retail sales drop, with the unemployment rate jumping to 6.2% in February. Apple shut down its stores so to avoid the virus spread. Big companies can afford to pay employees in temporary shutdowns because of their vast bank balance, but what about others. The travel industry is losing over 800 billion dollars. Virgin Atlantic told its staff to go on an 8-week unpaid leave. Overall, COVID-19 is toppling the economy by $2.7 trillion.
The same is hurting online traffic and conversions, but not the ones selling essential items. Their site is receiving organic, paid and referral traffic. They are doing business because of the ability to provide goods. If they are unable to offer products, then boom goes the traffic.
The above graph represents the current scenario state, these are the businesses facing Ups and Downs.
But Don’t Worry! Whatever your business category is, your business can recover from that.
The Only Thing You Need is : A Good Business Partner
Increase Digital Marketing Efforts
Where there is scarcity, then people search for more. They look for alternatives. It is a forward-thinking approach that also is an opportunity to work on scarce items. Apply your digital marketing skills on getting rare items on top in search engines. Do link building, make ad campaigns or use best of your SEO tricks. In times of COVID-19, you must not back down. Remember, digital marketing is the job that one can do from the comforts of the home.
E-Commerce Outlets are the Go-to-Guy
In need, people are looking for a bargain, but at the same time, physical stores are selling with MRP increased due to shortage supply. The economic effects are in full swing, where the demand is more, and so is the price. Also, hoarding is part of the game.
E-Commerce is a sweet spot that can satisfy customers. Merchants can do a lot at this stage as they got goods stored in massive amounts. They can bring down prices by reducing those needless expenses and instead can invest more in deliveries. Not only will people get the necessities but can also have some other needs fulfilled through a rich experience offered by online outlets.
Make Investment during Emergency
Market experts say that COVID-19 is bringing a global recession that will continue to go down. Companies will bankrupt; they may default on the big payment, which you can assist by buying. Also, they may receive assistance from the government, but the situation means that there will be less competition.
During a global turmoil, there are heartbreaks, possibilities and expectations. However, businesses can make their impact by giving something of value to have better days ahead.