Leading economists say the pandemic brought us about the deepest economic shock ever.
This is an economic tsunami.
The rest of it is more like a natural disaster, where the government’s role is to help families avoid economic hardship, not put them back to work.
Well, let's just talk this through!
The Great Depression took 3 years to break out, the current crisis took 3 weeks.
Economic gurus don’t even compare it to the 2008 global financial crisis. Nothing can be compared with the crisis of this extent.
While most analysts anticipated V-, U- or L-shaped downturn, it's now clear the economic downturn will be followed by stagnation. And the best-case outcome for the crisis will be a positive growth at the Q4 of 2020.
To reach this point, we need to halt the spread of the coronavirus addressing it through responsible international cooperation and taking the measures:
- make public COVID-19 testing
- establish quarantines and self-isolation
- support health care
The conditions may take up to 18 months for vaccine development and massive testing.
One thing is for certain unless we stop the pandemic, the economy will continue the freefall.
Under the present circumstances, many small businesses go into the red, can’t pay back and end up being put out of business. No means all businesses timely receive government support for recovery.
The crisis will hurt face-to-face services, the way out is to move your business online. The pandemic tests our collective capacity to respond. And here at Amasty, we’ve already thought this through and worked out a kit of solutions to keep your business profitable.
12 Ways to overcome the COVID-19 crisis
Are your businesses involved in the distribution of essential goods and medical supplies? Contact us to discuss individual purchase conditions.
Way #1. Move your offline business to online
If you run an offline business - we are ready to help you with transferring it into digital.
We’ve been working with projects of different complexity for 11+ years and guarantee high coding standards. We offer:
- Magento integrations and customizations,
- full-cycle Magento development,
- mobile development for iOS and Android platforms,
- turn-key website development,
- and services of developers, QAs, designers, etc.
Way #2. Prevent stockouts with M2 Advanced MSI/Multi Warehouse Inventory
We can discuss stock replenishment methods for hours. However, if you can't manage your local inventory, you’ll inevitably lose revenue and refill the deadstock.
Move your business into the dropshipping model. Save on warehouses management to keep your business profitable.
Given established, any replenishment system can go wrong and you’ll run out of most in-demand products. While they’re being shipped, notify your shoppers of the date they will be available for purchasing.
To save money on delivery, many shoppers order products to pick them at delivery points. Thus, they endanger not only their but also your employee’s health. Place the shipping cost calculator to your product pages to let them see the final price before checking out and motivate them to stay at home.
Increase your average check size by offering free delivery for a definite amount spent.
Let shoppers pre order products to estimate the load of shipping service and avoid bottlenecks in delivery.
Provide your shoppers with convenient delivery options, let them see your delivery schedule before purchasing, choose a desired date and time and write delivery comments like: "Leave my package at the door, please" to maintain their good health.
Notify users on registration and log-in forms about the contactless delivery option at your store.
Given your country hasn't introduced yet a strict quarantine, you can offer your users a store pickup. Let them choose the nearest brick-and-mortar store and take their products at less busy hours.
Offer a wide range of shipping options to let shoppers keep social distance and prevent the spread of the disease.
Allay shoppers’ concerns and reduce your support workload. Add custom order statuses and ‘lead customers by their hands’ from the landing page to the reviews page where they’ll thank you for the excellent work.
If you trade in medical supplies or essentials and need urgent help, contact us via firstname.lastname@example.org and we'll discuss individual purchase conditions.