Covid-19 Impact : ‘Overall commerce cycle will see an acceleration after lockdown‘ : Vikash Pacheriwal
By Mohit Manghani | April 15, 2020
Governments, businesses and communities are facing the brunt of coronavirus pandemic. As COVID-19 impacts more people every day, most sectors of the economy have been reduced to a standstill.
So what's at stake for retail players, how much of it will be hit? Here’s what Vikas Pacheriwal, Co-founder, Raisin has to say about the lockdown impact and future of retail.
1. So how are things looking now? How do you foresee the next few months business-wise?
Corona pandemic sure has led to a slowdown in the economy with retail and F&B being two of the worst affected with the lockdown. The factories are shut leading to less production and a large disruption in the supply chain. However, our primary focus will continue to be the well-being of our workers, associates, and customers. With malls and retail outlets shut, our sales will surely see a drop-down, in this scenario our best and safest bet is online platforms.
2.Any plan B in place?
Restriction of movement during the lockdown is seen as a boon for online platforms as people are increasingly spending more time on apps and online portals. This has encouraged us to boost our online marketing strategies hence we plan to increase our marketing spends by 10-15% across all online platforms & push sales.
3. Any specific measures you have put in place for business continuity/clients/employee welfare?
We understand the business will get affected in times when situations are so critical globally. However, we would stand together with all our team members and laborers and will fight the situation together. All our factories will be closed during this period. Our hiring and firing will not be affected by the current situation.
4. Do you see this crisis changing the way the whole retail industry will function, moving forward?
I believe the overall commerce cycle will see acceleration after lockdown ends but the footfalls and the sales will take up some time to resurge even once the lockdown is over. The online sales will surely see uplift during this time.
