In this article, we will discuss the current impact of coronavirus outbreak on the global fragrance, perfume, attars, essential oils, and overall beauty industry. We also mentioned some important ways or tips on how you can sustain in this difficult time and how you can ensure the safety of your business.
The Current Situation of Coronavirus aka COVID-19
Novel Coronavirus is a new harmful virus that causes COVID-19 infectious disease. This disease started last year in China and now is spread in almost all major countries of the globe. Since proper treatment or medicine is still not developed and it transmits easily, which has now caused the death of thousands of people. We offer our condolences to such families and wish the speed recovery of those who are infected.
As an important precautionary step, Government authorities in most nations have implemented a complete or partial lockdown to avoid public gathering. We welcome all such actions which ensure the public health safety of our society. But we can’t go blind on the fact that businesses all around the world are getting disturbed and the fragrance industry is also heavily impacted.
Covid19 Outbreak Impact on the Fragrance Industry
Fragrance industry includes businesses involved in perfumes, attars, essential oils, deodorants, etc. and directly connects with beauty and cosmetics brands. While factories are been ordered to stop production for weeks, offices are also been advised to shift to a work-from-home system. Work is affected, production is halted, meetings are canceled, orders are delayed, and import/export supply chain is interrupted.
Businesses are enduring losses and will do so some upcoming months. This is the truth that we need to accept before looking forward to countering this unexpected pandemic.
Fragrance market is $80 Billions+ industry which provides jobs to millions of people. But if we account for the complete personal care market, this number is more than $200 Billion just for the USA. A big reason for the heavy impact on the perfume market is because Europe is a big center for us and it is most affected by this disease after China.
While we Hope for the Best, we need to prepare for the Worst. That is why we all should make proper plans to counter the effects on this disruption for today and future. We have compiled a list of safety measures for your employees, clients, and business which can help in some way to withstand such massive disruption.
Tips to safeguard your business
1) Ensure Safety of Employees
Employees are a big reason for the success of any company. So, ensuring their good health should be the first priority. Modify the shifts to work from home or at least cutdown employees in office to work on alternative timings. Also, aware them about the precautionary measures like social distancing, covering mouth while coughing and sneezing, washing hands, etc. Learn more about them from WHO (#1).
An employee can be assigned the work to keep the whole staff updated about the latest situation and help them in any possible way, so that work should continue as usual.
2) Go for Soaps or Sanitizers
A little hope is there with the increase demand of soaps and hand sanitizers. If your perfume or essential oils business has some wholesale clients involved in making soaps or sanitizers, you can contact and export your supplies. If you still don’t have such clients, you can look for them online since their demand is also increasing and they need more such materials. This opportunity will help in your company’s growth and open a new avenue for revenue.
In future, medicines, vaccines, and personal care products manufacturers might also be looking for your products, so research and prepare for that as well.
3) Go Online
Internet is not just for chatting. Now, when we can’t come to offices, we need to adapt to the future and implement more use of the technology for our businesses. Go for marketing on online platforms, reconnect on social media, shift offline meetings to online live events, contact clients via video conferencing, enable chat support, and tips goes on.
You can also implement changes on your website, post on your inactive social profiles or do any work that was once getting delayed.
4) Create Contingency Plans
Most of the work can’t be done for now but this time can be utilized in some other way. One important step is to prepare for the future in any situation like today. Apply changes in company’s culture to counter such circumstances if they ever come again.
Also, when the pandemic is over and work will start as usual, it will not be normal. Markets will rise and demand will increase. A huge workload will be there with a lot of opportunity. So, creating proper contingency plans will help to balance both of them.
You can also contact possible importers or buyers whose supply chain is affected. You can make a relationship with them and export your products to them in future.
Also, as a responsible company, we need to help the society as well. Big brands like Louie Vuitton are making necessary healthcare products in their manufacturing plants. Some companies have also donated their stock of industrial alcohol for making hand sanitizers. If your company have any resources which can help the general public, don’t hesitate to share them. A small help can create a big buzz and good will for the future.
These are some of our recommendations especially for the international fragrance industry. We pray for good health for all of us. Stay Safe!