The coronavirus outbreak that had originated from China has now taken over the world. The US alone has more than 86,000 confirmed cases of Coronavirus. That global count of Coronavirus cases has reached up to 531,000. Whereas, the global death toll has risen to 24000.
How this pandemic has affected the life of a common man?
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This pandemic has not only wreaked havoc on the lives of common men all across the world. It has also brought economies down to a halt. The majority of the businesses all around the world have now left counting costs and are finding it hard to
maintain an economical budget. Global shares have taken a major hit and big shifts are being observed in the stock markets. This outbreak is predicted to affect investments in the personal and individual savings account.
How global economies are trying to cope with this situation?
The majority of the investor community fears that this pandemic will take a big toll on global economic growth. They also believe that there isn’t much, the government can do to control the situation. To cope with this situation central banks have decided to cut down the interest rates. According to the experts, this act will make boost the economy by encouraging people to spend more.
The impact of COVID-19 on Retail Industry:
Just like the other aspects of life, the retail industry has also suffered from the outbreak that has brought governments down to their knees. The majority of retailers have decided to temporarily close some of their stores. They believe this move will help in stopping the further spread of the deadly virus. Some of these stores include Primark, Nike, Glossier, Patagonia and Urban Outfitters.
Since people have started to spend more time at home, a major shift in their purchasing behavior has been observed. More retailers have to switch to online channels to sell and purchase their desired retail items. with
emerging technologies revolutionizing the retail sector, retailers can easily achieve their sales target even when their cities are locked down.
In the times of Coronavirus pandemic, retailers need to switch to the online channel to promote and sell their retail goods. That’s because consumers are spending the majority of their time at home. They have been avoiding public spaces and ordering their groceries, food and meals online. According to a survey conducted by Econsultancy and Marketing Week, 71% of UK marketers believe that the corona outbreak will augment the usage of ecommerce. However, some of them believe that this impact will vary from category to category in the retail market.
What retailers should do during times like this?
After the outbreak of the Coronavirus pandemic, consumers have started to switch from in-store to online shopping. that’s because shopping from home means low exposure to the virus and lower risk of contracting the infection. Since retailers don’t know how long will it take for the pandemic to end, they believe this shopping habit won’t disappear for long. this shift in shopping patterns will have a positive impact on the ecommerce sector.
The retail sector can be divided into many categories. Each of these
categories will respond differently to combat the challenges caused by the Coronavirus epidemic. Following are things retailers should keep in mind to thrive during the Coronavirus epidemic:
- Be prepared to satisfy higher consumer demands:
Retailers believe that consumer demands will go down as the entire world shuts down. However, that’s not the case. It will take time for the consumer demands to decline. the announcement of lockdown by various governments all across the world have triggered panic buying.
Why do retailers need to keep their stock full?
Since people are drastically shifting from offline to online shopping, retailers need to be prepared to suffice the high demand online consumers are going to put on the companies. This covers a variety of retail categories including groceries to fashion.
According to on-demand local services company MeituanDianping, the demand for raw food products including fruit, vegetable, seafood and meat has tripled.
This means even when the cities have been locked down, companies need to be all stocked up to meet the growing demands of the online consumers.
- Rethink your sale strategy:
Easter is the time when the majority of the retail items are put on sale. Consumers get huge discounts on items from all retail categories. Now that Coronavirus has hit the world, its high time for the retailers to reconsider their discounting strategy. Since we have no idea when this pandemic is going to end, the retailers need to prepare themselves for the worst-case scenarios.
Why to delay sales?
Since the majority of the population will be staying at home for a while, it is not wise for the retailers to put a sale on their items. There will be no labour to work for the factories. The production of retail goods will go down. That’s why retailers wouldn’t want their stock to be cleared out as they did in the past.
Companies like Accessorize, Pull&Bear, House of Fraser have delayed their mid-season sale or have reduced the discount percentage to cope with the current economic challenges.
- It’s important to keep your consumers engaged:
We understand that the global economy is going through a challenging period. However, you cannot let this period take away the position you have earned in the retail market after years of hard work. Retailers might end up disconnecting with their consumers due to less stock or low purchases during times of trouble. However, that shouldn’t happen. The market will settle in a matter of time. the economy will start to grow at its regular pace and the stock will return to its normal level. Make sure you keep your customers engaged during this challenging period.
How to keep your audience engaged?
Self-isolation means more people will be staying home during the pandemic. these people will be more active online. This provides brands ample opportunity to engage their audience online. Retailers can run online campaigns to stay connected with their audience during the outbreak.
Since the majority of your consumers will be shopping online, retailers need to make sure their goods are delivered to the consumers on time. the majority of the businesses are going online during the pandemic, therefore, there will be a lot of competition in the retail market. If you don’t want to fall behind in the competition, make sure that you have a prompt delivery system in place. Make sure your goods are delivered to your consumers on time. remember! Your consumers have various other options to go for. Therefore, make sure you are prompt in your online services.
Final word:
The retail sector has taken a major hit after governments locked down the cities. For any retailer who wants to thrive during this challenging period, it is important to rely on the advanced technologies that have been revolutionizing the retail sector. Launching an ecommerce platform is the best way to stay in the game during the Coronavirus pandemic.
Published on: December 23, 2020
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