LONDON–(BUSINESS WIRE)–As the effect of the COVID-19 pandemic continues to reverberate, various sectors of the economy are confronting a different kind of menace. While vaccines for coronavirus are under the development stage, and some of the initial treatments are showing positive signs of success, the potential human impact of the coronavirus outbreak is immense and a cause for global concern. Besides, the coronavirus outbreak has the potential to trigger an economic crisis. Experts at Infiniti Research currently expect to see a negative impact on all sectors of the economy, including the pharmaceutical industry, to luxury good makers and beyond.
Proactive decision-making and agile business strategies are vital for sailing through difficult business challenges. Get in touch with an industry expert for solutions to your unique business challenges.
Impact of Coronavirus Outbreak on Different Sectors of the Economy
Challenged by already weak growth rates in 2019, the automotive sector is estimated to be heavily impacted by the coronavirus outbreak. With all manufacturing coming to a standstill and temporary closures of plants due to collapsing demand and supply shortages, the effect of the coronavirus outbreak on the automotive industry is unprecedented. Here’s Infiniti’s industry expert insights into how automotive manufacturers can bounce back from the repercussions of COVID-19.
The coronavirus outbreak has compelled significant pharma companies across the world to bring operations to a complete stop, resulting in a palpable short-term impact. Besides, the novel coronavirus outbreak could also derail thousands of ongoing drug trials that companies in the pharmaceutical industry are running to test new drugs. As such, pharmaceutical companies need to act swiftly to build organizational resilience, address talent management risks, and drive clear communication with suppliers.
The initiatives undertaken by governments in different countries to prevent the spread of coronavirus, such as lockdown and social distancing, are impacting the demand for goods and causing a threat to the global supply chain. To gain a competitive advantage in the long-run, companies in the logistics industry will need to understand their direct supply chains and the inherent risks they may be exposed to at the secondary or tertiary supplier and customer levels. RFP to learn how Infiniti’s industry experts can help your business with tailored solutions.
The challenges due to coronavirus vary across various segments in the retail sector. For instance, the grocery sector is facing challenges in coping with the sudden surge in traffic and product demand, owing to rising customer adoption of online channels to meet their grocery and daily needs. While clothing retail brands are witnessing a negative financial hit due to store closures and lockdowns. As such, retail stores are required to stay prepared and act quickly to address short-term disruptions.
For an in-depth analysis of how COVID-19 will impact your business and data-driven insights to plan your next moves, get in touch with an industry expert.
Food and Beverage Sector
Like all other sectors, the coronavirus outbreak has a severe impact on the food and beverage industry. While some processed food companies are witnessing a surge in demands, others such as restaurants and retail food establishments are encountering a shortage of food supplies and workforce management issues. Therefore, companies in the food and beverage industry will need to take action to mitigate the risk and streamline supply chain operations.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us