Coronovirus: don’t fall for fraudsters and charlatans

In these difficult times people crave for good news.

Whether it is on the stock exchange, when small rallies in a bear market are interpreted as the turn of the tide or on social media where people report dolphin sightings in Venice (which is already debunked as fake).

People react very emotionally; everybody talks about solidarity and good deeds.

While this is a good thing, there are also tricksters and fraudsters who want to use this general mood to get the better of you. Be careful not to be a sucker.

If you know that your business was already in trouble bevor the pandemic outbreak you may feel now even higher pressure to digitalize.

When, for instance, a technology provider offers you a great or even “free” deal on a shop software, you may feel the urge to buy it right away. But without a strategy, without really changing your business at its core, where it hurts, it will not be successful in regular times and it sure as hell will not be now.

Yes, Amazon may be a winner when staying at home is imperative for a larger part of the population. But Amazon has more than two decades of experience ahead of you. They have the processes and logistics in place. They have long term contracts with suppliers and the trust of the market.If you want to compete with that you will have to be at the top of your game. Especially now when transportation of goods is restricted and logistics service providers run at over the top capacity.

I am not a virologist and I can only look at the information that is available to me. But the psychology of the people in social media and at the stock exchange is understandable. Just please also embrace a scenario where the situation will not get better any time soon.

If you still want to digitalize or work on it execution-wise, let’s talk.

But I can’t promise you an easy answer or an easy way out.

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