A research paper published in July 2020 indicated that the financial fragility of small businesses was high enough for them completely shut down during the COVID-19 pandemic. With this, we know that the impact of the crisis goes beyond just health and wellness. COVID-19 has managed to put the global economy at risk with the lapse in education being predominant and forcing at least 1.4 billion students to stay out of school. Distancing recommendations have affected the economic scenario as partial commercial agglomerations and activities remain suspended. As a result, independent businesses and self-employed professionals are severely affected.
For this new era of business, automation, agility, and creativity will be the new maxims and only those who possess the required resources will tend to emerge successfully.
Especially for smaller businesses that heavily rely on local footfalls and community culture, social isolation has had a significant impact. For instance, research conducted in Canada reported that brick and mortar retail sales fell by at least 26.4% in the month of April 2020, which was actually twice what economists had forecasted.
The mechanism of sustainable economic development depends upon businesses that provide the realization of innovative potential and the creation of decentralized jobs besides additional revenues across different levels of budgets. Small businesses can not diversify risks and these periods of economic instability are a big challenge to them at a local level. Where large network structures can be sustained smaller ones cannot, due to the economies of scale. Unlike underdeveloped countries, the changing vector of a national economy has a special impact on small businesses, which are drivers of economic development in the developed world.
With consumption patterns rapidly shifting to the digital platform, it is highly imperative for small businesses to be present where big companies are quick to win the commercials, due to their sustained online existence. Retail stores should also be able to provide consumers the digital economy experience. Here are some things you can do to thrive on:
As small retailers, you know your customers’ personalized needs rather well. Use these individual preferences as drivers to the evolution of a product or service, so that your regular purchasers feel valued and appreciated. Think about ways and means of personalizing your product or service immaterial of the type of business you operate. Approach the best digital marketing agency in Chennai for the best amount of online traffic.
Companies must invest in technology infrastructure to deliver live customer experiences and respond to requests in real-time. Your organization must be attuned to the aspects that matter most to your customers. While it can be a challenge to create a more agile customer experience, data that creates such interactions must be integrated and contained in a single place to predict, create, and respond to important moments.
Apply a good sense of design to attract and hold customers as you go beyond the usual functionality of digital tools and environments. Elements such as look, and feel are staples that hold the journey together. Design thinking resolves all parameters to provide a unified, holistic customer experience.
Embracing Social Media
It would be worthwhile to see yourself trending on Social Media Marketing where you can promote offers and virtual events. Develop your own segmentation by making the most of the technology base especially with customers getting comfortable with online digitization.
Emotions are the best way to drive loyalty. These are also crucial components of live business where interaction can be used constructively in the right tone. Sometimes even negative tones can be powerful and smaller retailers can use this to create positive emotional bonds.
Fuel Digi builds an empathetic employee culture so that even your small retail business is well understood and bolstered towards the best possible results. Speak to our experts for more information.