While many of us had huge plans for the year 2020, the year apparently had a different plan for us. This realization comes as we face the Covid-19 pandemic and are under lockdown. The biggest loss is coming in the form of human loss and fear of many more succumbing to it. Next to this is the economic loss which has already started unfolding itself and is going to be affecting us more in the times to come.
Economic experts are constantly deliberating to understand the magnitude of impact Covid-19 will cause to different sectors of our economy. Retailer supply chain happens to be one of the most crucial ones to be impacted by the pandemic and the ongoing lockdown.
As per KPMG’s latest report, the market size of retail and consumer industry is US$ 950 billion (2018-2019). However, as we hit the coronavirus pandemic and the lockdown, the economic activity has come to a standstill and is expected to affect investment, consumption and external trade – the three important contributors to GDP.
Some impact of lockdown has already been seen on the retailer supply chain. This includes:
• Supply of Raw Materials and Price Difference:
Since everyone has been asked to stay inside under the lockdown, this has severely impacted the supply of raw materials. Movement of raw materials, if not essential, has been put on hold. This has been acting as a huge challenge for the raw material supplies and logistics department of many suppliers. As we apply the rule of economics here, lesser supply and unaffected demand will lead to a surge in prices.
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