# CAN COVID-19 WILL CHANGE OUR PURCHASING BEHAVIOR?
150,052 cases! 5,617 deaths! 73,731 recovered! These are not merely statistics but they are human lives! It's tragic to witness how 2020 is circulating the fear of death. Every person in the world surely have some deeply rooted fear of whether the Earth will be without human beings or whether is it end to world?
Since the news COVID-19; I have been remembering the case of SARS virus which was seen in China itself in 2003. Spread of virus and death is definitely negative! However, these kind of virus do impact the business behavior in the overall global ecosystem. Chinese companies like alibaba.com, JD.com actually got accelerated during those times.
Surprising isn't it?
So, what does these kind of viruses do in the market? Let's see this closely! Recently big events, conferences, public gathering are being cancelled; which means mass gathering brings more chances of infection. So, what does that mean for traditional shopping mall businesses or retailers etc? It means their business is at RISK! When people are afraid to visit public places then definitely the business will make negative progression in the business. However, this evidence gives an option for traditional business to switch towards e-commerce business models!
When a country like Nepal is heavily dominated by traditional business; orienting these kind of businesses towards a shift in e-commerce models is very challenging process. However, with the impact of virus, businesses gradually do realize the need of switching their approach! Because there is no point of waiting for customers in shop when general public is skeptical to go to public places. And, customers do feel if they can purchase consumer goods through online they will be more safe than shopping from public places.
Switching from traditional business to e-commerce models requires lot of sacrifices from tech companies especially when users and customers are comfortable adopting to traditional purchasing behaviors. Virus like COVID-19, SARS contribute in educating public about new ways of shopping and maintain their supply and food chain! Companies like alibaba.com, JD.com accelerated and made a huge leap due to SARS virus in 2003. For me, COVID-19 is somewhat relevant opportunity for general users and retailers to take the business online through various market solutions available for them.
Our economy is slowing down and we will continue to suffer. And, this suffering has uncertainty. In the time like these, more money will be spent either for precaution or diagnosing the virus! To spend more and more money; we also need to think how a country or group of body needs to generate more wealth at the time of crisis!
What do you think?