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The COVID-19 pandemic has disrupted businesses in virtually every industry, and significantly affected how consumers make purchases. There is not a company in North America that hasn’t felt the ramifications of policies enacted to flatten the curve of the pandemic, with small and medium-sized businesses especially likely to be scrambling to adjust.
At k-eCommerce, we surveyed our e-commerce clients in order to better understand what business owners and companies are doing to weather the storm, and how different industries are faring. More than 11% of the 700 companies we surveyed responded.
Here are some of the statistics they shared with us.
Cost Containment
The vast majority of respondents (94%) have taken steps to contain costs as a result of COVID-19. More than 80% of companies have reduced spending, while 36% have reduced and deferred payments, and 33% have issued temporary sales restrictions. Some respondents have had to lay off employees to contain costs during the pandemic. More than 30% of respondents reported laying off 15% or more of their workforce. However, a large percentage (45%) reported no change in staff numbers. Also notable: there was no reported hiring.
