Reconsidering retail post-COVID-19

In what felt like a short-term move, the way that independent ventures generally collaborated with their clients halted, changed or transformed. Among those most helpless are the more modest retailers without an online presence that rely upon their clients to stroll through their entryways. While numerous states are starting to resume, a great deal of vulnerability actually exists around the soundness of the retail business. Will limit be covered to 20 percent, 50% or 75 percent? On the off chance that stores are permitted to be open, will individuals have a sense of security strolling in, taking a stab at items and trading cash with staff individuals?

Reevaluating retail post-COVID-19

A new study found that 90% of customers were reluctant to shop in stores in light of COVID-19 concerns. Having an insightful computerized presence has been imperative to remaining above water for some more modest retailers all through the most recent couple of months. As most physical stores selling insignificant things needed to close their entryways in March, individuals turned on the web. There was a 50 percent up-ticking US online deals in April from the year earlier. While computerized change will have an impact in numerous organizations' endurance, it doesn't imply that actual stores will not be around in one year. What it implies is that their dependence on a solitary channel of cooperation will duplicate. This is critical.

The COVID-19 time has presented a chance for more modest retailers to reconsider how they work together, acquire new income, draw in with existing income and make efficiencies. For a business that is hoping to fabricate a computerized presence without any preparation, patch up a current presence or is as yet uncertain about going advanced by any means, here are a few roads to consider when hoping to draw nearer to the clients.

*Search internally and Take Stock *

Retailers who are thinking about web based business ought not utilize it as an unloading ground to grandstand all that they have accessible to sell. Similarly as entrepreneurs should be key about how things are introduced in their stores, they need to consider the responses to inquiries to all the more likely see how an online presence will have the most effect. When you see how clients utilize your item, you can generally take a gander at a methodology that is extraordinary.

Consider a Subscription Service

At this moment, like never before, individuals are searching for a helpful method to get what they need and need. Membership administrations are a favored choice for customers now as they can get their top pick or vital items conveyed straightforwardly to their homes without expecting to consider the big picture. The advantage for the retailer is that you get a consistent income stream every month. On the off chance that you sell consumable or family unit things, think about the 'buy in and save' administration as an option in contrast to one-time exchanges. This is a speedy and straightforward approach to acquaint another membership administration with your store.

Connect with Your Happy Customers and Build Testimonials

As business moves to the advanced space, shoppers really become more suspicious of brands. As things are more slow now, this is the best an ideal opportunity to connect with your clients and give motivating forces as limits or coupons as a trade off for surveys on your site, application, social stages, Google, Yelp and the sky is the limit from there! Furthermore, it is basic right presently to keep your clients tuned in – about whether you're open, shut, have reconsidered hours and limit limits, are employing, having deals or advancements – the rundown goes on. In the event that you have a site or an application, make a news or updates area for this data. Also, presently would be a decent an ideal opportunity to assemble your social presence, for example, a Facebook gathering or an Instagram page in the event that you don't have one, to keep your clients tuned in.

*In case You're Going Digital, Choose Your Platform Wisely *

From what we've seen from our clients, applications are more significant to a business than sites; and as indicated by a new report, internet business applications have a transformation rate that is multiple times higher than versatile sites. Applications are demonstrated to push more individuals down the buy channel, with 1.5 occasions a bigger number of changes per meeting than through work area. In-application deals are growing 46 percent year-on-year, and as the world quickens to its computerized future, these numbers are simply going to rise. Regardless of whether the change prompts something totally new – like a membership administration or an application, the COVID-19 time has presented a chance. However intense as it very well might be for us to utilize that word to depict the current conditions, little and medium

Organizations around the planet should feel urged and enabled to reconsider and reshape how their organizations push ahead.

In what felt like an overnight shift, the way that small businesses traditionally interacted with their customers stopped, changed or morphed. Among those most vulnerable are the smaller retailers without an online presence that depend on their customers to walk through their doors.

While many states are beginning to reopen, a lot of uncertainty still exists around the health of the retail industry. Will capacity be capped to 20%, 50% or 75%? If stores are allowed to be open, will people feel safe walking in, trying on products and exchanging money with staff members? A recent survey found that 90% of shoppers were hesitant to shop in stores because of COVID-19 concerns. And what happens if all the stores need to close again after a matter of months if another wave of the virus occurs?

Having a thoughtful digital presence has been important to staying afloat for many smaller retailers throughout the last few months. As most brick and mortar stores selling non-essential items had to close their doors in March, people turned online. There was a 50% uptick in U.S. online sales in April from the year prior. While digital transformation will play a part in many businesses' survival, it doesn't mean that physical stores won't be around in one year. What it means is that their reliance on a singular channel of interaction will multiply. This is key.

The COVID-19 era has introduced an opportunity for smaller retailers to rethink how they do business, gain new revenue, engage with existing revenue and create efficiencies. Whether you're a business that is looking to build a digital presence from scratch, revamp an existing presence or is still unsure about going digital at all, I've provided some avenues to consider when looking to get closer to your customers.

Look inward and take stock

Retailers who are considering e-commerce should not use it as a dumping ground to showcase everything they have available to sell. First, business owners should ask: How many products do I sell? Who are my customers? How often do they use my product? How often do they buy my product? What are the top selling items? What is my product's shelf life? Does my product have wear and tear?

Just as business owners need to be strategic about how items are presented in their stores, they need to consider the answers to these questions to better understand how an online presence will make the most impact. Once you understand how customers use your product, you can fundamentally look at an approach that's different.

Consider a subscription service

Right now more than ever, people are looking for a convenient way to get what they want and need. Subscription services are a preferred option for consumers now as they can get their favorite or necessary products delivered directly to their homes without even needing to think about it.

If what you are selling is a monthly or bi-monthly product, such as button down shirts, consider a subscription service where shirts are delivered on the first of the month, the previous ones are then picked up and cleaned and delivered the next month. The benefit for the retailer is that you get a steady revenue stream each month. If you sell consumable or household items, consider the 'subscribe and save' service as an alternative to one-time transactions. This is a quick and simple way to introduce a new subscription service to your store.

When considering a subscription service, there are a few things you can do to ensure your customers stay happy and loyal. It will be important to communicate to your customers about how your subscription works, the premise and how they will be charged. Additionally, offering a "skip" or "pause" option will also foster consumer retention.

Engage your happy customers and build testimonials

As business moves to the digital space, consumers actually become more skeptical of brands. In a world swarming with scammers, how can you take what a brand tells you at face value? Personally, I would never purchase a product with bad reviews, or no reviews at all. People are more likely to make a purchase if others around them — even total strangers — have bought and enjoyed the product. So, as things are slower now, this is the best time to reach out to your customers and offer incentives in the form of discounts or coupons in return for reviews on your website, app, social platforms, Google, Yelp and more! Your customers are looking for ways to help their favorite businesses, and many will be happy to leave a review.

Additionally, it is critical right now to keep your customers in the loop - about whether you're open, closed, have revised hours and capacity limitations, are hiring, having sales or promotions - the list goes on. If you have a website or an app, create a news or updates section for this information. Additionally, now would be a good time to build your social presence such as a Facebook group or an Instagram page if you don't have one, to keep your customers in the loop.

If you're going digital, choose your platform wisely

From what we've seen from our customers, apps are more impactful to a business than websites; and according to a recent study, e-commerce apps have a conversion rate that's 3 times higher than mobile websites. People also view 4.2 times more products per session within apps, compared to mobile sites. Apps are proven to push more people down the purchase funnel, with 1.5 times more conversions per session than through desktop. And the trend isn't going to change any time soon. In-app sales are growing 46% year-on-year, and as the world accelerates to its digital future, these numbers are only going to rise.

Whether the transformation leads to something completely new - like a subscription service or an app - or something morphed — like building a social presence to communicate with your customers — the COVID-19 era has introduced an opportunity. As tough as it is for us to use that word to describe the current circumstances, small and medium businesses around the world should feel encouraged and empowered to rethink and reshape how their businesses move forward.

Sachin Dev Duggal is the co-founder and CEO of Builder AI, no-code software development.platform.

Sachin Dev Duggal is the co-founder and CEO of Builder AI, no-code software development platform.

Education :
https://www.crunchbase.com/person/sachin-dev-duggal

Family :
Sachin Dev Duggal Family

Author Biography :
Sachin Dev Duggal Author

Achievement :

Sachin Dev Duggal Davos 2020

Events :

https://www.crunchbase.com/event/noah-london-conference-2019
https://www.crunchbase.com/event/noah-berlin-2019
https://www.crunchbase.com/event/web-summit-2017-2017116
https://www.crunchbase.com/event/live-webinar-12-insanely-effective-user-acquisition-hacks-for-apps-2016331
https://www.crunchbase.com/event/unbound-digital-20141125-london

B2B Software & Services : Company presentation by Sachin Dev Duggal, Co-Founder & CEO of Builder AI at the NOAH Conference 2019 in Tel Aviv, Hangar 11, 10-11 April 2019.