The impact of the current Coronavirus pandemic has been staggering. With its origin at Wuhan in China, the virus has spread across the world, forcing people to practice social distancing. Global businesses are on the verge of shutting down or requesting employees to work from home for safety reasons. Also, quarantining premier corporations has had a major impact on global economy.
Private and public sector enterprises are affected and with the slow spread of COVID-19, business owners are strategizing operations in order to avoid any unforeseen circumstances. For instance, direct selling enterprises like QNET India have moved their operations online. This sudden transition, although different is witnessing a paradigm shift. Shutting down restaurants, shopping malls and entertainment centres has in fact slowed everything down owing to a hazy future.
The Global Impact of Coronavirus- Gradual Rise in Economy
It is vital that direct selling organizations curate strategies that enable them fight against the Coronavirus effectively. For instance, by moving operations online, brands like QNET are providing opportunitues for distributors to be their own boss. Be it e-commerce, digitized business essentials, sporting events or IT corporations, global sales have decreased drastically across some of the leading and developing nations. Here are some of the industries that have taken a major hit because of the adverse impact of the Coronavirus.
- Supply Chain Management and Retail Enterprises: Countries like China and Italy have been the most affected by the Coronavirus. China is the leading manufacturer when it comes to electronic gadgets and fast-moving consumer goods. For instance, Apple, the leading iPhone supplier were not able to cater to demands as their manufacturer shut operations down, due to the virus. This has affected their turnover in terms of profits for this financial quarter. This drastic spread of the virus makes it hard for experts to estimate the extent of global economic damage. On the flipside, the direct selling industry has picked up pace gradually. For example, QNET direct selling has seamlessly provided opportunities that has helped direct sellers to cater to their own requirements. Industries like retail who heavily rely on its supply chain operations are affected. With vendors, manufacturers and suppliers shutting operations, most of the retail outlets cannot keep up with stocked inventory. Also, shutting down shopping complexes has piled up fast moving consumables, which isn’t great news, especially perishable food items.
- Cancellation of Global Business Conferences: Postponing and cancellation of business conferences has affected international operations. This has prevented profitable partnerships between enterprises. Due to this, deals are stalled, and trade exchanges are affected. IBM global conferences that previously hosted close to 20,000 participants are now forced to hold online conferences that are not considerably effective. According to recent reports, tech events have incurred loss close to $1 Billion in revenue because of the prevalent pandemic. QNET network marketing, with their CSR initiatives have enhanced brand awareness, which has resulted in women getting into the field of direct selling.
- Tourism & Sports: Another sector that is deeply impacted by the effect of Coronavirus is tourism and sports. Business events are affected because leading brands are not able to hold meetings. Though remote conferences send the message across, the impact on sponsorships has been adverse. This has dried up the revenue as far as travel and tourism is concerned. Countries like Bhutan, Maldives, Italy are renowned for attracting people from across the globe. This pandemic has changed perspectives and quarantined countries all together. On the contrary, the cancellation of premier sporting events like NFL (National Football League), IPL (Indian Premier League), Formula 1 and NBA (National Basketball Association) has negatively impacted sport fans and the revenue that is generated via sponsors and ticket sales. Moreover, some of the sporting legends from leading teams have contracted the virus, which keeps them socially distant from the world.
- Increased E-Commerce Traffic: On the flipside, this period where people are isolating themselves has witnessed a substantial increase in people browsing e-commerce websites. As venturing out for any purchase is out of the question, end consumers are heading to top e-commerce websites for their essentials. During this period of absolute mayhem, e-commerce and other online buying platforms are creating valuable revenue. QNET marketing, with a collaborative approach and an accessible QNET registration process aims to transition to online operations.
- Advertising Industry to Cut budgets: The advertising industry works on budgets that are set in advance. With reputed organizations outsourcing their advertising operations to agencies, it becomes imperative that scheduled campaigns work on a set budget. However, with the Coronavirus pandemic, leading advertising companies have decreased their digital ad spending until the global situation subsides.
In conclusion, considering the gravity of the prevalent pandemic, businesses will continue to incur huge losses and perish. Having preventive strategies in place and assessing the current scenario in advance can reduce the impact considerably. On the postivve side, with QNET opportunities to lead a career as a direct seller, distributors are beginning to realize the potential to network and cater to diverse markets.
