One look at the orders from Verishop, an ecommerce company focused on providing brand and product discovery, tells an awful lot about shopping habits in the past month.
Its “home” category is up 158% month over month, cookware is up 180% and beauty and wellness is up 107%. On the other side, men’s and women’s fashion is down 16% and 17% respectively.
“We have been lucky because our business is 100% online,” Imran Khan, the CEO of Verishop, which he describes as ‘a virtual shopping mall,’ told NetSuite’s Kendall Fisher in a recent interview. “We’re seeing changes in consumer behavior.”
But order volume isn’t the only data point. While the impacts of the coronavirus are still being measured, Khan said, “this is the third recession of my lifetime. In any business, cashflow matters. Ultimately, that's the single most important thing you have to care about. It's not revenue, it's not profit, it's cashflow. But during this time, you have to pay even more attention.”
Khan meets with leadership daily to understand the company’s cash flow, where to invest and where to pull back. At the moment, technology is an area of focus, as is working with the brands on Verishop.
“This is a difficult time,” Khan said. “Brands need more help. We want to be there. We want to be there for consumers and for our merchants.”
Khan shares more thoughts on supply chain disruption, communicating internally and externally and what he thinks the impact of the current situation will mean for ecommerce long term in the following video.
#OpenforBusiness will be a regular showcase of NetSuite’s amazing customers that are very much still ready to serve customers of their own.
Please follow NetSuite’s social channels to see the latest from some of the greatest businesses on the planet: