The world is going through unprecedented times; COVID-19 is affecting businesses across the globe. As per the experts, this human tragedy is the worst ever since World War II. The global economy, is witnessing the repercussion from this sudden pandemic that has engulfed almost the whole world including some powerful and rich nations such as China, US, UK,and others.
Every country and business is looking for a safe exit from the ongoing crisis, by implementing some precautionary measures which they think will mitigate the business loss caused by the virus. They have started analyzing the losses, and how they can change the way their business functions.
Find out in this infographic how COVID-19 has changed the way businesses function:
How COVID-19 Has Impacted Businesses Across The World
The Retail and E-commerce Sector
- March had a tight schedule for retail workers in almost all the nations.
- People piled up essential commodities to brave the lockdown
- In the red-zone areas like in Italy, there has been a sharp increase in online sales.
- The e-commerce sales boomed as people are scared to come out of their houses
- The US e-commerce sales have risen up 25% due to this crisis
- The bulk buying or the panic buying is common consumer behavior that businesses are witnessing.
- The shelf stable goods which include milk substitutes such as oat milk have gone up more than 300% in dollar growth
Health and Safety Sector
- Nielsen report says that the safety and health products, including medical masks sales have gone up by more than 300%
- The COVID-19 pandemic is forcing many of the packaging industries to move out the sourcing activities China
- Due to the COVID-19, the production fell drastically in February
- There was an operation facility of about 50% with around 56% of the staff
- The recycling association stated that UK would be facing a severe cardboard shortage
- Detmold, an Australian packaging company, has signed agreement with Federal government and South Australian for manufacturing 145 million masks
- It will later supply 45 million to South Australian Health and 100 million to Federal government.
Luxury Goods Sector and Fashion Retail
- With the majority of the population looking means to survive, luxury goods manufacturer suffer a huge setback
- The current and the future loss in 2020 is estimated to be around $10 billio
- The fashion retail sales dropped to around 41% and had lowest sales in March
- Burberry, the British luxury fashion house, has closed 24 of its 64 stores in China due to COVID-19 effect
- The British company ITV witnessed a 10% drop in the total revenue
- Companies like Google and Facebook who earn huge revenue from advertising are likely to lose millions
- Facebook will lose around $15.7 billion
- Snapchat will lose $977 million
- Google will lose around $28.6 billion
- Twitter will lose around $701 million
Entertainment Industry and TV News
- YouTube witnessed a 20x growth when compared to the amount of content watched in February last day
- The TV viewership has increased by almost 69% in China as people look for real information
Pharma Supply Chain Industry
- As the disease spread rapidly, the pharma companies are facing difficulty in producing the right amount of drugs
- Already India has banned the export of Hydroxychloroquine, a drug being used to treat malaria now used for treatment COVID-19
- India, the largest supplier of generic medicines buy APIs from China to manufacture drugs, disrupted by the ongoing crisis
- As per GlobalData’s report, almost 23% of the healthcare professionals are worried about the supply and demand gap
- The automobile sector is expected a slowdown of 10%, with electric vehicles badly affected
- China is the largest manufacturer and also the buyer of electric vehicles among all countries
- The companies have witnessed a huge drop in sales with around 79% compared to last year
- Almost all the white-collar jobs are now carried out from home
- The remote work or work from home has become the norm
- As per IDC, the global IT spending will come down to 1% as predicted before 4%
The world and business will never be like before until a new vaccination is invented to prevent coronavirus. It will bring back the confidence among the general population to move around freely with a guaranteed future.In the current scenario, businesses have to adapt like a chameleon, otherwise there are high chances they will find it challenging to sustain in the market.
We, as a world community, have to contribute equally by taking all precautionary measures to lower the cases of coronavirus and for a brighter future.