TIPS FOR RETAILERS TO INCREASE SALES POST LOCKDOWN
The Covid-19 has drastically moved the systems and activities for all businesses, organizations. Most retailers who conducted their businesses with physical or brick-and-mortar stores had to cease their operations. There has been so much uncertainty in the e-commerce sector, that it is still bracing for impact to lessen the blow.
New Ways of Selling
The effect, as you may expect, is a drastic drop in the footfall. Many small businesses that conducted their selling practices through their physical stores are still facing financial changes. They are compelled to adopt new ways of selling to overcome the pressing problems. One of the most significant changes unfurling in retail is the move to digitization. The COVID-19 pandemic has coerced us for quicken e-commerce acceptance.
It is a very well-known fact that online activities have significantly grown worldwide. Statistics show that the global e-retail sales reached 3.5 trillion U.S. dollars in 2019. The figures are just astonishing! But that’s the fact!
Let us have a look at different ways with which the retailers can increase their sales post lockdown.
1. Incorporate CDC guidelines:
The lockdown has eased, and so are the restrictions. Yet, the threat of the CoronaVirus hasn’t completely wiped out. That is why if you own a physical store or a warehouse, you need to incorporate CDC guidelines.
It is critical for the employees working at the workplace and the customers visiting the store to follow the rules. Certainly, safety comes first and it is of utmost priority. The store must be frequently sanitized. You should daily check the temperature of the people working and coming to the store. You may have a No Mask, No Entry policy.
These precautionary measures are essential to help everyone avoid the mishap.
2. Identify opportunities for your products:
You need to drive massive sales to make your business successful. And the only way to boost sales is acceptance. You should conduct a strong market research for the product or services. Analyze its demand in the target market.
Understand the reason if the appetite for your products has decreased in the marketplace. Revisit your target area. Strategize to find places where your products or services will be in demand. If there are geographical boundaries, then update your products in different e-commerce stores to facilitate sales.
3. Strategize digital order inflow:
Most of the physical retailers ignore the power of digitization. In the increasing competitive marketplace, many small businesses need to have a competitive edge over larger companies. As per a latest survey, more than 2.14 billion shoppers will be utilizing digital platforms for purchasing goods and services by 2021.
Traditional marketing and word-of-mouth are no more the most reliable marketing strategies for taking your business to the next level. Retailers should now give an Omni-channel shopping experience that increases the customer acquisition rate. You can integrate the Order Management System for valid order entry and processing. With that said, it can help you track and manage the digital order inflow.
4. Generate new revenue channels:
All organizations strive hard to grow their revenue and increase profit. When planning to increase your profit, a business should not focus on making its current model perform better. Simultaneously, it should emphasize on generating new income channels. As a result, picking the correct route will help you to bring some improvement in the organization’s overall revenue and thus, boosting sales.
The modern era has made it amazingly simple to reconstruct a small company or a local supplier in a national or even a worldwide business. There are numerous e-commerce websites that have revolutionized the industry from being just another store.
5. Explore the Potential of Apps:
The innumerable e-commerce platforms have changed the traditional physical retail shops. Now, smartphones have become an integral part of e-commerce, pushing it to the next significant stage. Customers choose to download the app of their preferred e-commerce brand and shop from wherever they are.
Mobile applications have made life simpler. You just have to look for the preferred product, know its details, place the order and get it at your doorstep in a day or two.
A mobile app can offer a seamless experience to your customers. As per recent statistical data, 53.9% of all retail e-commerce transactions will be conducted through mobile apps by 2021. With some latest cutting-edge technology, such as Amazon repricer, Orders and Inventory Management Software, Price and Inventory management software, etc. you can develop a fantastic app to reach a maximum number of customers.
6. Run cash flow forecasts:
Cash flow forecast is a crucial factor that will help you estimate a company’s future financial position. It is a central planning tool of an organization’s financial management blueprint.
Anticipating the inflow of cash or expenses would help in maintaining a proper cashbook. Forecasting the incoming and outgoing will save you from any shortcomings. Indeed, having some amount balanced in the account at the end of the month doesn’t mean you are profitable.
To add to that, you may have to calculate wages, finance charges, VAT, repayment of loans, and different overheads. Certainly, things may go chaotic sometimes.
7. Connect with your customers:
Connected customers will, in general, become loyal customers of your brand. And, having loyal customers are crucial for any business to achieve long-term success.
Likewise, it is more affordable, and accordingly more productive, to retain a customer than to search for another one. The more you are connected with your customer base, the better you can communicate about your accomplishments. Because they are the ones who may make more regular visits and spread the word out to their acquaintances.
8. Keep a tab on COGS:
Cost of goods sold (COGS) alludes to the direct expenses of manufacturing the products sold by an organization. This sum incorporates the expense of the materials and labor used to produce the goods. It avoids indirect costs.
The COGS is an essential measurement of the financial reports as it is deducted from an organization’s revenue to decide its gross profit. As a result, the gross profit computes how effective an organization deals with its supplies in the production cycle.
Takeaway
95% of all the purchases are expected to take place through e-commerce platforms by 2040. Thus, we can observe how quickly the e-commerce sector is acquiring a significant position worldwide and why shouldn’t it be? With just a click, our necessities reach to us, at our doorstep.
Therefore, you have a perfect opportunity to take your business to the next level through e-commerce. Integrate as many technologies and features as possible to put the strong foot forward post lockdown.
The retail level saturation and ongoing product overflow are critical factors in optimizing distribution of your products. Have the best Automated Distributor Management System with KartKonnect to help your business evolve and develop without having overheads