Experience with virus outbreaks such as SARS 2003 that infected 8000 people and killed nearly 80 shows China has a way of getting back on the feet when hit by storms. However, here we are with another outbreak: coronavirus. This is set to hit the economy with a deadlier blow considering the country’s large share in the global economy. Moreover, with the growth of global trade and the netted relationship between countries, economic meltdown, and a global recession is just on the horizon.  Abdul Fares, an economist and the brain behind a leading Ecommerce business brings to you the impact of this deadly coronavirus on business. It is important to gauge the risk of coronavirus and see ways in which your Ecommerce business will not be affected by it.

Impact of Coronavirus so far

• Major cities that could boast of huge      amounts of factories, production and retail have stopped operation and      closed down. This means there will be a significant decrease in      production
• With 11, 800 people quarantine, major      cities borders closed and people are obliged to stay in their houses,      online sales have gone up at a rapid pace. This means people are turning      to Ecommerce to buy their necessities instead of the traditional      brick-mortar business.
• Big players such as Ali Baba and      Amazon are experiencing a skyrocketing increase in the sales of medical      products. This includes a surgical face mask, thermometer, and hand      sanitizers. This means pharmaceutical industries and businesses are benefitting      from the outbreak. While this might not affect the big players, small      businesses are more at risk.
• Many tourist trips have been canceled      and the transportation industry has been greatly impacted by this      coronavirus outbreak.  Hotels and airlines are already offering a      refund to consumers. The tourist industry and entertainment companies have      been devastated by this outbreak and many are suspending operations. Major      parks, cruise lines, resorts including Disney are temporarily on      halt.
• Starbucks has already shuttered down      in some areas and close delivery service. KFC, McDonald, pizza hut have      also followed suit.
• The financial market is also not left      out. Following the close of Wuhan, a city where the disease is said to be      originated.  Shocks and panic have crowded the investors’ sentiment      and the stock market is experiencing a major decline.

If you are selling medical and healthcare products, now is the time to make good sales. If however, you feel your business will be negatively affected, here the ways you can gauge the risk.

Proactive Approach to Coronavirus Prevention

By now, everyone should have a good understanding of the symptoms, how to protect themselves and discourage the spread of the diseases. Moreover, everyone should have the house stocked with food, water, and hygiene instruments before it runs out recommended by Abdul Fares.