We are truly living in extraordinary times. There isn’t a single person that has not been affected by the devastation that the coronavirus is making. Many business owners, especially from small businesses, are feeling the effect of COVID-19. In just a few short weeks, many stores had to close temporarily, while others had to close down altogether due to the enormous economic impact. Now consumers are mainly purchasing clothing and other non-essential products online. This change is leaving many to wonder what the future holds for themselves, their families and their business.
The Impact of COVID-19 on Small Businesses
According to the National Small Business Association, a member survey found that 75% of small-business owners are very concerned about the economic impact that COVID-19 will have on their business. Nearly half of those surveyed have already seen a reduction in customer demand. Due to consumer shortage, many employers had to lay off their employees, causing unemployment to spike with over 10 million people filing in March when the economy started to collapse. However, some businesses are adapting and have found alternative and creative ways of selling merchandise online or allowing store pickup and delivery. Adapting to the unknowing change is a must to not only grow but thrive.
Coronavirus Impact on Retail Stores and Yak & Yeti
It’s no secret that retail stores have been struggling for some time ever since consumers began purchasing their products online where big companies like Amazon, Wayfair, and Walmart took over. However, the pandemic caused by the coronavirus has only made it harder for apparel retailers to continue to run and grow their business. For small business owners, who don’t sell essential items, like toilet paper, food, toothpaste, etc., it has been even more difficult to sell clothing. Yes, clothing is essential, but when people are quarantined in their homes, they are less likely to buy non-essential items like a new spring outfit.
For Yak & Yeti, we are immensely feeling the effects for our wholesale business, which is pretty much closed until further notice, and have shifted our focus towards growing our business direct to the end consumer through our online retail store. Even during these trying and changing times, we are determined to focus on the positive and help our retail partners fill their stores once again when this pandemic has passed. In the meantime, we are being patient and here for them if they need us to support their business however we can. We care and have grown with our retail partners, we’re a family. Our business isn’t only feeling it here in the United States but across the world.
We are doing our very best to assist our employees and suppliers in Nepal by any means as the virus continues to impact so many.
A Brighter Future
America is coming together stronger than ever before to work for the common good of our nation and it is absolutely a beautiful sight to behold. We can’t wait to get back to normal life (whatever that normal life will look like) by helping our clients and customers look and feel their very best. We wanted to do our part as well and give back by utilizing what we have and donated 200 cotton headbands and bandannas to the Optimist Youth Home & Family Services Agency of Los Angeles. The staff members will utilize them as a face mask as they continue to work in this very essential business.
As we move forward, we encourage everyone to be positive, believe in the greater good and let's celebrate the life ahead of us. Stay well. Stay safe. And please, stay home. We are all in this together.