Survey reveals retailers believe COVID-19 will impact business

Survey reveals retailers believe COVID-19 will impact business

Retailers believe one reason for this downturn is the virus’ significant impact on consumer confidence.

Almost half of all retailers expect some economic downturn in their revenue as a result of the World Health Organization (WHO) declaring a pandemic known as the coronavirus, or COVID-19, according to a March 2020 survey by Digital Commerce 360 of 304 retailers.

In the Digital Commerce 360 exclusive article, “Taking the pulse: Retailers and the coronavirus,” senior consumer insights analyst Lauren Freedman details the worries and expectations retailers have concerning their business and the coronavirus.

Results from this survey show that:

  • 47% of retailers expect some downside revenue implications
  • 80% of retailers believe the coronavirus will have at least some impact on consumer confidence
  • 30% of retailers suspect that the coronavirus will cause their ecommerce business to be somewhat up, and 32% expect their online business to be somewhat down
  • Only 36% of retailers are taking a “wait-and-see” approach to the level of action they are taking relative to COVID-19, while the rest are being proactive
  • And 44% expect production delays as the coronavirus progresses

“Much of the challenges retailers face in our interconnected world is supply chain-related,” says Freedman. “When asked ‘which of the following actions are you taking as a result of the coronavirus,’ supply chain communication (48%), contingency planning (34%) and hopes to minimize disruptions (32%) top the list of retailer actions.”

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