In this episode of the Marketplace Blueprint Podcast Robyn talks with e-commerce futurist, John Lawson, about how the coronavirus is affecting online business, online sales, and things that we should be considering as we sell online. What considerations and steps do you need to take in your business?
Cash- Make sure you are completely clear on how much cash you have. Look at any potential cuts you can make to expenses or staffing.
Inventory- Review your inventory and look at restocking. Know that traditional forecasting is likely not going to work. If you have existing stale inventory, look at what options you have to liquidate or encourage sales.
Pricing- Remember that increasing pricing as little at 10% (without increased costs to you) is illegal in many states. Review your repricing software to avoid any potential legal issues in regard to price gouging.