Businesses must examine and shift their sourcing and production if need be.
This piece states how retailers must cope with the impact of Coronavirus on their business. Start by restoring consumer confidence and meet changing consumer buying patterns as the outbreak continues to spread. Ensuring that their online infrastructure is solid enough to cope with an influx of online orders in affected areas is recommended.
To gain customer confidence, evaluate if production could be moved to less affected areas. Retailers that reshuffle their supply chains successfully are likely to have the best chance of retaining their customer base.
Companies must tighten their operations, which could involve cancelling orders that are unnecessary and bringing assortments and allocations to a minimum. Using data science to uncover the true needs of local markets will help make the process of tightening operations clearer.
[3 minute read]