India as we all know is one of the densely populated countries in the world. Covid-19 has been spreading like fire rapidly and becoming worse as the days pass by. Many countries have identified the only way to contain the situation by introducing intense periods of Lockdown, however, due to the lockdown economy is taking the toll and is badly hit. Some businesses are closing permanently, some of them are laying off their employees, some of them are shedding their locations, etc. etc. A tough lockdown may have been successful in breaking the COVID chain, however it has hit hard the economy. Some business experts mentioned that it will take 1-2 years in order to come back to normal.
1. So How do you think the Business can survive in this tough situation?
2. Are the start-ups, small businesses are almost saying goodbye, how they can survive in the world market/with leading tycoons?
3. Will a small change in the Sales strategies can change their falling sales curves?
Here are our views on the survival of the difficult situation in retail, wholesale & distributors industries.
These Industries are pursuing their business in a more traditional way which might have been alright in the previous normal but not relevant in the current situation & they should start adopting for technological changes such as –
• Introducing online advertisement campaigns,
• Creating web stores,
• SEO on web pages, local market, or partnering with leading market places.
These little changes can catch the buyer’s attention but this does not mean that they will buy the products soon they notice the ads. For making the customers clicking on the checkout button, you will need to spend some time on the rendering of proper information i.e. in the detail product description on the website page, Pros of your product, Pricing on the product.
Not only the above-mentioned points, but one can also try retargeting campaigns and follow the same set of customers who were the website visitors by introducing more intriguing offers by following their social and online trails.
These may not take you heavy investments. Think about it! You just need time to rearrange the way you operate.
For the second question, there were rumors spreading that start-ups are shutting down but looking deeper and researching we found that’s not true. They are adapting and coming up with new innovative ideas. They are the ones who can change the insights on the market. For example, people were not aware of the online money transfers before demonetization however, looks now almost everyone is using the UPI’s from maid salaries to grocery shops.
What this pandemic has done to the world is that it changed the perspectives. The business world changed the traditional way of sales and marketing!
For the Third question, Absolutely Yes. Business strategic planners should start thinking about going online & tying up with delivery partners, payment gateway. Social distancing is a must in this pandemic situation. Use the applications which are built on the latest technologies that help you in connecting with omnichannel (Multi-channel sales operations), logistic companies, payment gateways in one single platform & these outbound business strategies will help you to increase the sales and reduce credits accounts in the balance sheet.
Gear up now unless it’s too late. Your competitors are already on board for this. All every business needs to do is take the actions now.