Sales will drop due to Coronavirus regardless the origin of your hair!
There is no more doubt, the Coronavirus will eat the profit of most stores all over the world. The measures to protect the outbreak, the uncertainty and uncontrollable spreading all over the world will slow down the economies and with this your sales too.
Despite the advice from the World Health Organisation, the US and Australia said they would deny entry to all foreign visitors who had recently been in China. Earlier, countries including Russia, Japan, Pakistan and Italy announced similar travel restrictions. The advice from the WHO is to limit the negative economical and health impact of the Coronavirus. But a ban also has a discriminatory impact, people start to avoid people who might be a risk to their health. Even if there is no reason whatsoever. I also think we should in times of crisis help and comfort each other. How difficult this might be because of all the uncertainties.
But all this means on top of lower availability of stock, there is less appetite to buy any new product or good. Less demand for hair and wigs will most probably hit your bottom line this quarter. Less sales and perhaps less profit.
Time for some measures to fight the Coronavirus.
Do not sit still and wait until the virus is gone and we have time to worry about other things. Now it is the best time to react and to fight the virus.
Why will people buy less hair extensions or wigs?
To understand why people will buy less, you must realize economy has everything to do about feeling good. If your client know she will get a salary rise, even before she gets the rise she starts thinking in possibilities. “What if I buy more of this, or what if I redecorate my house, or what if I buy a new wig?” This has helped the healthy economic growth for the last several years. But now this is under pressure due to the Coronavirus. The weird thing is, even if you do not sell hair from Chinese suppliers, or if you are in an area far away from Coronavirus victims, people, will still prefer to keep their hands on the pockets.
If you want to see the proof of this, just check the red figures on the stock markets all over the world. Investors like to buy stock in companies they believe will make more sales and profit in the future. If they expect disappointing sales, they sell the stock and the value will go down.
Also, the CEO’s of major firms like Apple, Starbucks and McDonalds foresee lower growth and reduce operations. This will not only impact the operations in China, but all over the world. Chinese people will travel less and consume less. The Government has placed restrictions on family or group gatherings, while people have less to buy. This again will also influence the import of certain goods.
Overall there is less money to spend, and this will impact the economy all over the world. People will prefer to keep the money in their pocket.
What can you do about it?
As mentioned before, it is important to educate your clients about the risk of the Coronavirus. Or better how limited that risk is, especially for the hair you are selling. This is again an opportunity to show how well experienced you are. So, write a blogpost about the Wuhan Coronavirus in relation to the product you offer. For some background information see my previous blogpost. People are searching the internet for news about the virus, so it will help to be specific and to use the keyword Coronavirus with some terms related to the hair you are selling.
Next to this, see if you can offer some discount coupons. People might hesitate to buy goods they do not see as their first priority. We all know you can fight anything from scary spiders to the Wuhan Coronavirus if only your hair looks gorgeous. A discount might do the trick to seduce your client to still buy the hair. Make sure you put a time limit to the offer, otherwise she will still wait to buy the hair until the virus has been long forgotten.
Organize a hair extensions party with China as your special theme. People will be curious to know more about your hair and about china. The unknown has always been attractive. This way people can talk about their fears and share with each other stories. Make sure you have enough knowledge yourself to answer any question about the Coronavirus or ask somebody with a medical background to support you. You will see, once your guests are feeling relaxed, they will be very fast in the buying mode. And what can they buy? Your beautiful hair!
Leave a comment below to tell me how you are fighting the Coronavirus to keep on selling hair!
