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Covid-19: What it means for retail industry?

Covid-19: What it means for retail industry?
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The recent outbreak of CoronaVirus has started impacting all the industries and retail is no exception. Commenting on its impact on Indian businesses especially the consumer electronic segment, Mandeep Arora, Managing Director, UBON’s leading consumer electronics brand, says, “The impact of the deadly Coronavirus outbreak in China is likely to be contingent on business activities. However, we are fully equipped in India. And hoping for the reversal of the situation, companies at present are monitoring the evolving situation and trying to stabilize the supplies for now. We are fortunate that we have production facilities in India and will not let it cause more disruptions. Also, we have ample flexibility at our backend with a reasonable surplus in order to keep our operations flowing. In addition, keeping the needs and requirements of our customers in mind, we are steadily ensuring that the Indian customers don’t have to suffer the consequences of this malice.”

Aloke Paskar, President and CEO, JK Technosoft Ltd, adds, “The outbreak of Coronavirus has impacted every sector in the world and the crowdsourced data and analytics industry is no different. Companies providing analytics services play, an important role in the Travel, Healthcare, Hospitality, and Logistics Sector, and these sectors have been the ones facing the biggest brunt of the virus. The importance of crowdsourced social data and action-oriented insights is the call of the day.  Companies that can help their community, government and the world will
experience the maximum value for their services some of which we will not be able to put a price ever”

Kuldeep Chaudhary, CEO & Co-Founder, ADOHM, states, “Coronavirus has impacted the supply chains which has to lead to a huge hit on the economy. In an estimate, the loss has been recorded to 3 trillion dollars worldwide. But at the same time, it has also resulted in a demand for new-age technologies, especially in data visualization. Realtime visualization of data has become the need of the hour. Businesses are trying to find measures using Analytics as a tool so that their operations arena impacted while at the same time sourcing new leads to grow their businesses. With improved marketing efforts and increase sales using the right quality lead; the intervention of analytics can help in boosting business.”

“We are extensively working on providing our customers with solutions especially during this ‘Work From Home’ scenario where we provide them with detailed research basis analyzing and processing data of their targeted customers by analyzing their behavior patterns and suggesting them the right platform to carry their lead communications. Hence, ensuring proper utilization of funds and resources with regards to Return on Ad Spend. We have also collaborated with various brands to come up with analytical solutions to help people getting information about Coronavirus,” he adds.

In the wake of Covid-19 lockdown implemented across the country, a couple of hours ago, Finance Minister Nirmala Sitharaman has made a slew of announcements providing relief to individuals and companies alike. Manoj K. Agarwal, Chief Executive Officer, Viviana Mall, says, “In such a lockdown state, the government’s announcements has come as a much-required relief to comply with the law and regulations for the companies of varied scale. Blanket
extension of various compliance deadlines is a welcome relief that we and the corporate sector were looking forward to. For the citizens, suspension of maintaining a minimum balance and waiving of ATM withdrawal charges are a welcome move and will facilitate people from all walks of life. We appreciate the government’s proactive steps and look forward to the announcement of an economic relief package soon to sustain and boost our economy.”

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