COVID-19 is hitting the soul of the economy from every single side. The pandemic is spreading quickly, with new updates flying in every single minute. And, as many retail stores closing in 2020, entrepreneurs are uncertain of what steps to take to manage risks, support customers, protect employees and maintain the cash flow.
A number of small as well as large businesses have already observed a major drop in sales because of the COVID-19 pandemic and another report says many will be pushed to limits if the emergency keeps on developing.
Here a few key findings of BusinessInsider that are even more alarming:
- The sectors that are affected adversely are Hospitality, Retail and Personal Services.
- The average cost to those affected by the financial effects of COVID-19 is about $66,000.
- 43% of businesses across the globe have reduced hours for employees and 20% have started temporary layoffs.
- 38% are experiencing the supply chain issues.
- 42% said they will have NO sales if the face-to-face contact becomes impossible.
Major retailers like Nike, Starbucks and Apple had temporarily closed their stores, while small and medium-size retail stores are being hit especially hard as the pedestrian traffic lessens.
So, the question that now arises is “How Will Retail Business Survive?”
The only answer to this question is – GO DIGITAL! It is the need of the hour. Let’s see a few resources that can help retail stores closing in 2020 survive the outbreak:
