COVID-19 is hitting the soul of the economy from all sides. The pandemic is spreading with new updates every minute. Many retail store don’t know what steps to take to manage risk, support customers, protect employees, and maintain cash flow. With the rise of e-commerce and changing consumer buying habits, the retail landscape is changing in many ways. New emerging trends such as online shopping, mobile commerce are responsible for the closure of many stores. But what’s interesting about the 2019 study is that in-store shopping is the preferred way to shop. Let’s see a few resources to survive retail store in this post-pandemic.
Keep in touch with your customer:
Many consumers are facing new personal situations, with changes in income and leisure, which influence attitudes and behaviors. You can retain your existing customers by meeting their needs. It will help you to provide a seamless shopping experience for your customers. Retailers who can create personalized customer experiences, transform their online presence, and motivate online and offline experiences. Large retailers may make some changes, as long as they prioritize market analysis and customer data. Retailers have to maintain a deep grasp of the consumer journey, to respond to user needs.
Go contactless when delivering products:
Contactless shopping is expected to be the new trend, with consumers avoiding crowded stores and preferring low exposure. Health experts and authorities are calling on the public to avoid exposure to crowds. The best thing to do is to deliver without contact. You can just let your customers order online and have your delivery partners leave the order somewhere and send a real-time photo of it to the user. The level of hygiene in stores is expected to be the key for customers. Under these circumstances, product storage can become a new habit. QR scan code payments have become the popular ones as it doesn’t use traditional methods such as cards.
Adapt and adjust when you’re trading:
There is a side effect of the pandemic in that people will change their spending habits. We believe that the most important thing you can do in times of crisis is to take care of those around you. Do not store or lock doors. Support your local businesses where possible. Remind your customers that you are open, but keep them at bay. You make those changes for them. Some retailers have taped the floor to mark 1.5 m squares and require only one customer to be in each. It might sound strange, but it not only shows that you care, but that you are practical as well. Make it a snake and ladder shop game. It may be a good idea to encourage your customers to shop online by offering them incentives such as free shipping.
Everything goes digital:
In the chaos of COVID-19, with consumers avoiding going out to stores. Everything has transformed as digital in this online world like luxury needs, entertainment, and communication. Digitally advanced and data-rich companies have started to capture market share using this pandemic as an opportunity for innovation and customer acquisition. As retail store businesses navigate the current COVID-19 crisis, they should question themselves. Leading these measured efforts into lasting change requires bold vision, a risk-taking approach, and ruthless actions to reinvent retailers during this crisis. It will help digital retail leaders create a mindset across the organization to win under any conditions.
Work your supply chain:
Retailers will need more inventory transparency to plan their online and offline customer experience. As the situation evolves, we expect to see significant variations in the extent and timing of supply chain disruptions between geographies and sub-sectors. Retailers should speak to their major suppliers to assess their risks, identify any indirect exposure, and create contingency plans. Prepare and adjust your supply chain for upcoming promotional plans. Avoid the rush and communicate with your supply chain about your holiday inventory needs. Many supply chains across various product lines are stretched to the limit, and it may take time to tighten up.
The new normal :
Retailers should plan to limit access to their stores to maintain social distancing. It’s a good time to adjust store opening hours, offering early morning or after normal closing hours for private purchases. As we all step into a “new standard”, consumers will expect retailers to provide security in all aspects of operations and provide the best user experience. Stores that listen to customers and take advantage of new technologies and partnerships will become the winners in the new retail side. Whether your business is going through a time of trouble, the best you can do is work on your current situation and plan for when the pandemic will pass. Stay Safe! Stay Healthy! It’s time to face this fact and start adjusting.
