Survey Results: Food Brands sentiment during coronavirus crisis
As governments and organizations work to contain COVID-19 and control the growth of the human toll, the negative economic effects are coming into focus. PSS partnered with the Darden School of Business at the University of Virginia to conduct a “flash survey” of perishable food brands with significant E-Commerce sales to understand the impact of the crisis on their businesses and overall outlook. The survey was conducted from March 16 – 20. Most of the respondents were founders or co-founders of fast growing businesses.
Summary of Findings:
- Less than 10 percent of the respondents are seeing ”no” or “minimal” impact on their business with over one third reporting “significant” or “massive” impact
- Two-thirds of respondents are seeing “massive” loss of wholesale business but nearly 60 percent reported “no” or “minimal” impact to their supply chains
- Well over half of respondents noted “definite” or “probable” increase in their E-Commerce Business (beyond their current, typically, high-growth rates)
- Nearly 40% of respondents are “highly” confident the business will return to normal in 3-6 months with less than 10% expressing a lack of confidence
Tim Laseter, a professor of practice at the Darden School coauthored the book “Internet Retail Operations: Integrating Theory and Practice for Managers” (Francis & Taylor, 2012). He advises companies ranging from start-ups to global enterprises with strategic decisions informed by decades of consulting and research.
Mark Nelson, CEO of Perishable Shipping Solutions (PSS), a pick & pack E-Commerce order fulfillment warehouse for frozen & refrigerated foods. Mark is a serial entrepreneur and business leader, skilled in building products, teams, and organizations. Mark’s passion is managing the customer journey and developing processes that help customers achieve success. He previously worked in management consulting with Oracle, PwC & Protiviti. Mark is a CPA and MBA from Rutgers University.
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