Coronavirus is shaking up the actions of companies and customers on a large scale. Both the public and private sectors are working to control the transmission of disease and to manage COVID-19 infections. While the full economic ramifications of this black swan occurrence are still uncertain, we know that the impact of the outbreak and the dramatic steps taken to combat it are now precipitating reform through sectors.

The spread of coronavirus is likely to boost digital media consumption across the board as people spend more time at home and communicate in person less. Whereas, the clearest and most urgent economic effect of the coronavirus pandemic has been a massive disturbance to supply chains.

The outbreak of coronavirus prompted the cancelation of some of the most important tech events and is expected to result in several missed collaboration opportunities. Social networks could be a major beneficiary, as people turn to these platforms to connect with friends and family who may be at a distance or to access news content. Coronavirus-driven event cancellations will spur marketers to explore digital alternatives and more event-like content promotion.

Online solutions have tended to minimize the effects of canceled conferences, but technology companies are expected to continue to endure a time of stifled growth due to missing in-person market opportunities.

Ecommerce is rapidly growing as consumers eschew physical stores and crowded gathering places, but this could create logistical challenges as well. Internet users are already avoiding public areas or travel. This avoidance is trickling down into shopping. These internet users said they'd be likely to avoid shopping centers and malls if the coronavirus outbreak in the country worsens, and over half would avoid shops in general. A decline in brick-and-mortar retail could shift day-to-day shopping to digital channels, like Amazon or other e-tailers, and boost sales. Further, it could bolster the use of omnichannel commerce, like buy online pick up in-store (BOPUS), for customers who want to shop in-store but avoid crowds. Such a surge in demand for e-tail could overwhelm logistics providers and workers, which might require eCommerce companies to revisit their strategies for order fulfillment and delivery, including potentially slowing down fast-shipping strategies, in order to keep up with surging demand and keep workers safe. It's worth noting that changes in online shopping habits may be particularly prevalent among older customers, the group most susceptible to the coronavirus and most likely to avoid stores because of it, but least likely to shop online. A shift toward online shopping among this population could provide a short-term boost for sellers, but in the longer term, it may also increase sales if these customers continue shopping online after the outbreak subsides.

Mixed outlook and confusion between retailers:

A survey of 304 retailers showed a great deal of doubt, volatility and mixed outlook among retailers. A strong number of 38 percent expect e-commerce revenues to rise marginally or dramatically due to the outbreak. However, most expect that their e-commerce revenues will be stagnant or declining. Otherwise, the report reflects the worries of retailers regarding the supply chain and customer demand. Asked what they were doing to respond to coronavirus, 20 percent said they were "taking aggressive steps," 44 percent said they were "taking some action" with more to come, and the remaining 36 percent were taking a "wait-and-see approach."