Survey Findings from Digital Commerce 360 Reveal How Retailers Believe COVID-19 Will Impact Their Business
Almost half of all retailers expect some economic downturn in their revenue as a result of the WHO declared 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.”
For commentary or more information on retailer surveys, or to learn more about Digital Commerce 360’s insights, contact Lauren Freedman at lfreedman@DigitalCommerce360.com.
About Digital Commerce 360 Research: Digital Commerce 360 Research (formerly Internet Retailer Research and B2BecNews Research) uses a unique journalistic approach and data-gathering process to establish worldwide relationships with retailers and collect benchmarking data and best practices in both business-to-business (B2B) and business-to-consumer (B2C) ecommerce. The data we collect is accessible to our members through online databases, annual analysis reports, and custom research.
Furniture Industry News and in depth magazine articles for the furniture retail, furniture manufacturers, and furniture distributors.
Read other articles by Nic Ledoux