The coronavirus pandemic has transformed the operations and strategic direction of retailers worldwide. As foot traffic drastically dropped, retailers were pushed to devise innovative ways to survive.
If you own or manage a retail business, read on because this article is for you. Find out how your business can come out stronger from the COVID-19 crisis.
How Can Your Retail Business Overcome COVID-19 Crisis
1. Manage your inventory
Run an inventory count to know which items you need to stock up on, and which supplies you have a surplus. This way, you can reorder items or essential materials that are running low, and make strategic decisions based on the stocks you have.
It also helps to use an inventory management system, so you can easily track your products’ movement. By managing your inventory, you can run your business more smoothly and efficiently.
2. Evaluate your offerings
Review your product offerings and assess how it can benefit your consumers during this critical period. As the pandemic transformed consumers’ behavior, you must find ways to cater to their evolving needs and expectations.
Throughout this pandemic, you must know how you can be relevant to your customers’ concerns about health, safety, and security. For example, local shoe brands are now offering non-medical face masks to meet the changing needs of their customer base.
Also, consider your pricing strategy as consumers are leaning towards more affordable products. Try to strike a balance between offering an attractive price and bringing profits to your business.
3. Keep in touch with your customers
It’s crucial to plan your engagement with your customers as they’re likely affected by the COVID-19 crisis as well. Stay in touch with them and give them updates regularly.
Notify them about your new business schedule, updated payment options, and other operational changes through text. Third-party providers such as Mobile360 helps you reach your customers more efficiently and enjoy open rates as high as 98%.
Send educational content as well or helpful tips related to your industry. For instance, if you own a beauty brand, you can share tips on how your clients can care for their skin at home.
4. Cook up new ideas
Use this downtime to come up with fresh ideas. Ideate how you can keep things new and exciting for your customers.
Consider the trends and technologies available today and act on the things that bug you. What do you want to change? How can you innovate?
Think outside the box and put your creativity in action. Remember that enterprises that continuously innovate, establish a competitive advantage.
5. Boost your online presence
People are now spending time online more than ever, so it makes perfect sense to boost your digital presence. Make sure that your e-commerce website is in top shape, and your social media posts are up-to-date.
Pivot your in-person events to online streaming and engage with your customers via Facebook or Instagram Live. Write relevant, high-quality blog content, and work on your SEO to reach more audiences.
6. Give exclusive offers to your top clients
Create top-notch online promotions and support clients who frequently shop in your store. Connect with them and grant them exclusive offers and rewards.
For example, you can offer your top clients free delivery service, especially now that people are staying at home. Gift vouchers, free online workshops, and package deals are also good options.
7. Explore new products
Explore new items to sell that people will find useful these days. Then, think about the skills you have and how you can apply them to a new area.
If you own a plant store and love to paint, for example, you can consider selling hand-painted pots as well. Such products can attract buyers since many people have tried gardening while in quarantine.
8. Give your store a new look
Do some renovations in your store to give it an updated and improved look. Take this downtime as an opportunity to enhance what you can while you’re not welcoming visitors.
Apart from a simple makeover, use this time to fine-tune your operations. Define new strategies and ways for your business to cope with the “new normal.”
Every retailer has their own coping strategy against the effects of the COVID-19 crisis. Ultimately, you have to think about what’s best for your business and act on what you can control.
Keep in mind that challenges are inevitable in any business. If you want to succeed, you have to weather such a crisis and take action, slowly but surely.
Do you want to keep your customers engaged during this challenging time? Explore our SMS solutions to see which will work best for your business!