Retailers have their businesses relied on customers of all class levels buying things. And, in the present, they are probably hunting for an answer- What to do when the ability- and desire- to run a store goes away, especially when consumers are no longer able to reach them? Are you one of them?
A lockdown in India that aimed to mitigate the spread of the virus has left vast numbers of retailers with no other choice but to open their stores for a limited time or a complete shut until further notice. The revenues in a recession are not as adequate as before. While Indian Prime Minister Narendra Modi announced a lockdown extension for defeating COVID-19 to the best level, he has also encouraged the significance of being #aatamnirbhar for the economy graph to reach high.
Considering it, getting scared of uncertain reality is not the solution; looking for the silver lining is. Businesses now have doors of opportunity to reflect on how to grasp and survive during recession times and beyond. Whether it’s a wholesale, retail, or delivery business, no one has seen the recession coming, but they can be prepared with standby, following the business continuation. Thanks to the digital world where e-commerce applications lead consumers’ minds when it comes to convenience.
Thus, you can grow your business in a recession. Here are five useful ways-
1. Keep Your Business Active
No need to hunker down to wait for the lockdown to end, put your efforts on knowing your core and business strategy to remain in the market from home’s comfort. Keeping your store open doesn’t imply that you are active; you need to be in touch with your audience. Amid the lockdown scenario, show the availability of essentials to your audience through social media portals, whether you are a grocery store owner or fruit and vegetable owner.
Think about it! Recessions are a good time to capture market share where some businesses are distracted. For instance, a toy company, Lego, in 2009, remained agile while prioritizing long-term growth, which may not help it conquer a downturn but laid the foundation of continued progress.
2. Invest in Technology
One of the best ways to survive the recession is to take your traditional business, based on brick and mortar, online. It gives you a far better chance of coming out ahead of your competitors once the market bounces back. The reality of the COVID-19 pandemic dictates that businesses, brands, or retailers need to turn to digital solutions to continue serving their customers.
So what does investing in technology imply for your business? Let’s talk with an example! People look forward to restoring their refrigerators and kitchen shelves when food and groceries get finished. They are restricted from going outside. Here, brands need to understand what can drive their business? A convenient mobile app for food delivery is the ultimate solution to help you stay in the best position to provide the best service for your customers.
How Long Will It Take for My Business to Go Online?
A tech-driven world has affected customer behavior precisely. One can get everything at ease. The objective of the on-Demand E-commerce App Development Company is to provide ease to clients within a week and motivate them to connect with their regular customers in one-click.
3. Business Costs and Connectivity with Suppliers
Don’t overlook your suppliers, thinking your store is closed. Suitable suppliers play a crucial role in your business; they can provide the best quality products at a competitive price. Ecommerce applications have great features not only for buyers and sellers but also for suppliers.
Both suppliers and retailers are going through the worst of the downturn together, but the demands for some stores have not declined. As coronavirus has enhanced the need for sanitizers, masks, soaps, and hand-wash liquids in large quantities, this has made pharmacies open every hour. Thus, running stores through pharmacy apps is proven lucrative for buyers, sellers, and suppliers.
On-Demand Medicine Delivery App is also available and designed so that communication between every party goes flawlessly.
4. Understand the Ecosystem of Your Business
Every business has an ecosystem. You can’t emphasize solely on your operations and inventory levels. To protect your supply chain and keep goods and services flowing, consider the impacts of your decisions upstream and downstream.
Amartex is a great example of a well-developed and integrated manufacturing company. It is connected with its audience through a customized app for delivering groceries, boosting work of supply chains, vendors, and manufacturers at the same time in this pandemic. These efforts allow the company to lead the grocery retail and pass the savings on to their consumers through exciting deals and coupons as well.
5 . Stabilize Business as Self-reliant
Sometimes, recession makes vendors collaborate with other businesses to balance their revenue growth. But, it is not helpful in the digital world where people prefer to be online rather than spending time to reach stores. Go for B2C platforms. In such conditions, your business needs professional help more than collaboration. Dependency is no longer efficient.
Instead of looking for an association, look for an eCommerce development company where your business can reach online and connect with your customers in no time. Give it a thought of how people are still fulfilling their pizza cravings when restaurants and cafes are locked! You need to be one step ahead.
Having a personalized eCommerce application or mobile app for your business is probably the most rewarding solution to give an edge over competitors. As people are on their mobiles, you need to determine how your business can generate tremendous ROI. You should first know about the benefits of a mobile app if you are planning to establish your business’s mobile presence. However, whether lockdown or not, having a mobile app for your business is beneficial in many ways.
Have a look at seven advantages of having a mobile business app-
- Give more value to your consumers
- Customers need not wait in a queue
- Increases customer engagement and reduces costs
- Boosts the visibility of your brand
- Mobile apps help you manage your store by just sitting on a couch
- An advanced business has a high proximity
- Mobile apps offer support and aid promotion.
Don’t allow a recession or lockdown stop you from improving your business. A grocery delivery app would help buyers to shop their essentials by just ordering what they need. The same is possible for other businesses too. Utilize the lockdown fruitfully for your brands and stores!