We know this point might sound contradictory but, you may enter a sellers market if things get worse. It means that overall demand is going to be higher than the supply of goods. In this scenario, financial planning could include altering product range price points. Sure, you might have to sell at higher prices depending on your situation, but at least you won’t lose buyers by not fulfilling their orders.
Sales will influence your finances, so consider looking for new delivery channels in the near future, even if it impacts margins. Think about new, domestic suppliers – local providers are expensive, but they come with a host of other plus points. These include shorter delivery routes, easier access to contact points, and may not be as badly affected as some global suppliers are currently.
In case you run short of suppliers and can’t start operations with local ones, shift your focus to core areas, the top-selling items that earn higher revenues. Some e-commerce marketplaces have transformed themselves into lockdown lifelines by prioritising purchases for essential products and services.
Ultimately this outbreak risk situation brings big changes, but luckily those can be fixed. What we’ve suggested here is just an initial step to building a solid COVID-19 business plan. As always, we’re here with the best resources, tips, advice on the e-commerce world.
Want more insights like this? See our page on Amazon