World leaders, health professionals, and countless ordinary people around the world are working tirelessly to curb the spread of COVID-19, more commonly known as the Coronavirus. Of course, everyone can acknowledge that aggressive action to fight the pandemic is important. However, the economic woes caused by the disease and the
containment methods deployed are hard to stomach.

Travel companies including airlines, OTAs, hotels, and more are facing substantial losses due to the coronavirus. When struggling British carrier Flybe collapsed on March 5, pundits cited the coronavirus outbreak as the proverbial nail in the coffin. Between international travel bans and consumer fears, demand for air travel has simply vanished. In some instances, news outlets are advising passengers to file chargebacks against travel companies to reclaim money already invested in upcoming travel plans.

But, while merchants in the travel and entertainment industries might face the brunt of the impact, they’re not alone. Expect COVID-19 to impact online merchants in just about every vertical, both directly and indirectly. Every sector of the economy is going to be affected by this outbreak in one way or another. We will feel the mid-to long-term ramifications of the current crisis for years to come; in many ways, the market may never be the same, but preparation now will help to blunt some of the long-term impacts.