A survey from Digital Commerce 360 has revealed the different types of impacts retailers are anticipating in relation the COVID-19.
Related: Ulta Beauty's coronavirus response.
Conducted in March 2020, the survey received response from 304 retailers, all of which expect some economic downturn in revenue.
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.
- 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 e-commerce business to be somewhat up
- 32% expect their online business to be somewhat down
- 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
- 44% expect production delays as the coronavirus progresses
“Much of the challenges retailers face in our interconnected world is supply chain-related,” Freedman said. “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.”