COVID-19 to Bring Changes in Commerce: Are You Ready?

Coronavirus (COVID-19) is having sweeping effects on the way people are living their lives. Major gatherings like the Coachella Festival and South by Southwest have been cancelled. The stock markets took a massive dive and remain unstable. And imports from China have diminished, affecting the inventories of many important industries here in the US.

These trends are going to progress as the pandemic continues to get worse. More people are working from home. The public is becoming increasingly wary of going places where there is a high probability of encountering large groups of people.

This is already affecting concerts and sporting events. Retail and other places of consumer spending will see dips in sales as public unease grows. Many retailers began closing stores in China early on in the outbreak. This tendency is projected to grow. Businesses are placing great emphasis on protecting both their employees and their customers from the spread of the virus.

This is going to change the way consumers spend their money. Are you prepared for the changes this will bring?