Managing in Crisis: Lessons to learn for surviving COVID-19 impact
As the COVID-19 pandemic continues to spread around the world, each day people and businesses face more pressure and uncertainty about the future. Many questions remain unanswered, so here at Activ8, we have assembled some important information to keep you updated on the latest developments.
What’s the latest?
With the situation changing each day, there’s many developments to monitor which can be indicative of how the markets are shifting. One of the biggest issues currently facing Amazon sellers is the doubt around FBA. Last week, Amazon confirmed it would restrict its FBA services only to ship essential goods. The announcement stated that regular services would resume on April 5th, which appears to no longer be certainty.
As grocers and other essential stores around the world are gearing up to handle consumer demands, Amazon announced their plans to expand operations, with 100,000 new positions set to become available in the US. In the world of e-commerce, new consumer data reveals that 50% of Chinese and 31% of Italian consumers are shopping digitally more frequently. In the UK, 18% of consumers are using e-commerce platforms more often.
However, while there’s a general increase in reliance on online platforms, there’s still issues for many companies trying to maintain steady revenue. 91% of businesses have shared that customers are reluctant to meet in-person, creating uncertainty about customer relationships and collaborations.
What can we learn from China?
While it’s still too soon to claim that there’s a universal system that works, China’s response showcases some measures that can help control the impact of COVID-19 on society.
Companies don’t always have control over setting the correct measures and implementing practices that keep everyone safe. However, steps should be taken wherever possible to establish infrastructure which avoids direct contact with others, such as using digital tools to maintain effective communication.
A particularly good piece of news is that the manufacturing industry in China is showing strong indicators of quick recovery. As information is showing that China’s cases are becoming fewer each day, Amazon data is reflecting the same changes. 51% of new sellers in March were from China, which is a 39% increase from the previous year.
Moving forward
Seeking government support wherever available for each business is essential. As the pandemic continues to affect people in different ways, it’s important to be aware of the level of support that can be obtained, which can prevent layoffs and decreased service offerings.
Services should also be analysed, placing greater emphasis on the essential offerings that can be provided to customers. As data reveals decreased spending, it is more important than ever to analyse the value-added of each service or product and focusing on what is most valuable to customers in a time of crisis. By focusing on the products and services that are most valuable to customers during a time of crisis, you maximise the opportunity for conversions. Metrics and data analytics are now even more valuable to identifying the tangibles and helping to make the right decisions.
Discounts and offers are a common method for onboarding during difficult times. Many stores are offering exclusive product and service offerings to combat decreased customer spending, especially on Amazon and other marketplaces.
We can help
We understand the current market poses many problems for business growth and development. Our goal will always remain the same; to provide you with tailored e-commerce solutions. We’ll continue to bring you the latest updates and help you stay informed in this fast-paced market. Our expertise continues to remain available to you during these uncertain times.
In the meantime, protect yourself as much as possible and don’t take any unnecessary risks.