• Home
  • News
    • Features
    • Latest/Upcoming Tech
    • Product Review
    • Tech Events
  • Technology
    • Computing
      • Hardware
      • Software
    • Mobile
      • Devices
    • Apps
      • Messaging App
  • Innovation
    • Startups
    • Smart Gadgets
    • Augmented Reality
    • Cloud Computing
  • Business
    • Internet Commerce
    • Tech Market
  • Tips & Tricks
  • Miscellaneous
    • Jobs / Career
    • Social Media
TheTechNews
  • Home
  • News
    • Features
    • Latest/Upcoming Tech
    • Product Review
    • Tech Events
  • Technology
    • Computing
      • Hardware
      • Software
    • Mobile
      • Devices
    • Apps
      • Messaging App
  • Innovation
    • Startups
    • Smart Gadgets
    • Augmented Reality
    • Cloud Computing
  • Business
    • Internet Commerce
    • Tech Market
  • Tips & Tricks
  • Miscellaneous
    • Jobs / Career
    • Social Media
Business

How Online and eCommerce Businesses Have Been Impacted By Covid-19!

by Emily Forbes
-- April 18, 2020
How Online and eCommerce Businesses Have Been Impacted By Covid-19!

If you were asked at the turn of 2020 what you thought this year had in store, I can’t imagine you would have answered “international travel bans, national lockdowns and widespread panic”. It’s fair to say that everyone, in some way, has been affected by the coronavirus outbreak. Whether you’ve fallen ill, had to change your working pattern or know a friend who has lost their job, the chances are that you’ve witnessed, first hand, how devastating this virus has been on people’s health and the economy. Unfortunately the transmission of Covid-19  has impacted us all and has changed the way we live our lives, including the way we spend our money. Continue reading to find out how this pandemic is likely to impact online businesses and what options you have when it comes to seeking support. 

Revenue

For some online businesses a loss in revenue will be inevitable and for others the social distancing and lockdown laws may work in their favour, it really depends on the product they are selling. The number of ecommerce transactions have significantly increased since the advice from the health minister was shared with the nation. As people were advised to stay at home, naturally, online shopping became more popular. At this uncertain time, people turned to online shopping for their essentials while sales of luxury items declined. As Woolworths and Coles struggled to keep up with the demand, unfortunately, smaller more high end businesses couldn’t make a sale. The government launched schemes to support business owners and employees which saw jobkeeper payments, economic support payments and a moratorium on evictions being offered in the hope to ease the pressure. 

Adaptations

It’s essential for all businesses to adapt to the changes in the current climate. Whether you’ve seen an increase in sales or you’re losing custom, making changes to the way you work will allow you to move with the times and keep up with your competitors. If you’ve seen an increase in traffic to your site during the pandemic and your products are flying off the shelf then you’ll need to take regular inventories and ensure you have enough product to fulfil the growing demand. Use data to predict what “hot ticket” items you are likely to sell out of and stock up. If you’ve seen a decline in sales then you may want to rethink your strategy. Could you offer next day delivery to stand out from your rivals or have an end of season sale to attract more customers. The changes you make should attract more people to your site and increase your revenue. 

Policies

You’ll need to update policies in line with the changes you make in relation to government advice. Online businesses have to make accommodations for employees. If they aren’t able to work from home then you’ll have to make some changes regarding health and safety and infection control in the workplace. Social distancing and access to safe workspaces are essential and you’ll need to update your policies in line with this. Hand sanitiser and cleaning equipment will need to be accessible for all and your staff should feel safe at work. If you fail to adhere to the new government recommendations you could see yourself with a hefty fine for your complacency.

Summary 

This global pandemic is set to impact your online business in terms of revenue. Whether you see an increase in profit or a reduced number of sales you’ll need to make changes that reflect the current climate. Adapting to overcome this challenge is the best way to thrive in difficult times. 

Author | Emily Forbes 

An Entrepreneur, Mother & A passionate tech writer in the technology industry!

Email:- forbesemily@yandex.com

ringid
Related Items
Click to add a comment
Business
April 18, 2020
Emily Forbes @forbesemily@yandex.com

An Entrepreneur, Mother & A passionate tech writer in the technology industry! Contact Email:- forbesemily@yandex.com

Related Items

More in Business

ftp-meaning-technews

5 Factors to Consider Before Starting a Remote Business!

Emily ForbesFebruary 27, 2021
Read More
best_practices_online_business_the_technews

Implement Business Analytics and Cut Costs!

Emily ForbesFebruary 18, 2021
Read More

How to Use Business Analysis Tools in Your Company!

Emily ForbesFebruary 11, 2021
Read More

The Importance of Advertisements for Bloggers!

Emily ForbesFebruary 9, 2021
Read More

A Complete Guide to BOC 3 Filing!

Emily ForbesFebruary 2, 2021
Read More
tech-startups

5 Responsibilities of a Landlord you Need to Know!

Emily ForbesJanuary 4, 2021
Read More
Building-A-Scalable-startup-Business-Model-by-thetechnews-01

5 Ways to Fast-Track Your Small Business Loan Approval!

Emily ForbesDecember 17, 2020
Read More

Great Holiday Gift Ideas for a Business Traveler!

Emily ForbesDecember 16, 2020
Read More
agenda-analysis-business-990818

The Importance of Auditing Services for Your Business!

Emily ForbesDecember 8, 2020
Read More
Scroll for more
Tap

Join Our Newsletter

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

we respect your privacy and take protecting it seriously

Top News

  • ftp-meaning-technews
    5 Factors to Consider Before Starting a Remote Business!
    BusinessFebruary 27, 2021
  • big-data-experts
    Reasons Why Organizations Need Modern Integration Platforms!
    Big DataFebruary 18, 2021
  • best_practices_online_business_the_technews
    Implement Business Analytics and Cut Costs!
    BusinessFebruary 18, 2021
  • Effective SEO Techniques to Drive Traffic to Your Website Today!
    Tips & TricksFebruary 17, 2021
  • The Internet of Things in 2021!
    InnovationFebruary 16, 2021
  • Can You Eliminate Shipping Damage?
    InnovationFebruary 15, 2021
  • SmileDirectClub Partners with MetLife to Democratize Orthodontic Care
    Health & FitnessFebruary 14, 2021
TheTechNews

A technology media that aims at the latest tech news, events, gadgets, tools, innovations, startups and many more.

    NEWS

  • Features
  • Latest/Upcoming Tech
  • Product Review
  • Tech Events
  • Technology
  • Innovation
  • Business

    Hardware & Software

  • Computing
  • Hardware
  • Software
  • Mobile
  • Devices
  • Messaging App
  • Tips & Tricks

    Others

  • Startups
  • Cloud Computing
  • Social Media
  • Internet Commerce

Copyright © 2016 www.thetechnews.com | Pages: ABOUT US | PRIVACY POLICY | TERMS OF USE | CONTACT US

Tips for Legal Marketing in 2020!
6 Ways in Which Scheduling Software Can Boost Business Growth!