New markets, new customers and changing habits

Retailers are currently in survival mode, desperately trying to maintain routes to market and their supply chains in a world turned upside down by the Coronavirus pandemic. Finding new opportunities has been a struggle for most. Many retailers have had to suddenly adapt to be an online business which has been vital for operating, even if products and sales have been severely reduced, just so they can keep ticking over and to have a presence in their industry. Even start-ups and local producers have set-up online shops and increased their social media presence to help them at the beginning of their business or within their local communities.

Now as the current lockdown ends and the world is slowly starting to return to the new normal, the retail industry will have changed and the effect will be felt for years to come.

But as we come out of this crisis there are new opportunities arising.

The crisis will create many opportunities for retail businesses to thrive and grow as people eventually return to high streets and shopping centres. But to truly thrive in the new era, businesses will also need a robust online presence and a reliable supply chain, as late adopters to eCommerce will more than likely continue to spend this way.

New opportunities

Here are a few tips on how retailers can adapt to the significant changes in purchasing habits.

  1. Rather than a weekly food shop, consumers are buying in bulk and shopping directly with their favourite brands. This may become a habit as they realise the convenience, savings, and emotional benefits on offer.  So, retailers need to adapt to this and offer ways not previously explored by consumers. 
  2. Retailers need to consider moving storage and fulfillment to an outsourced solution. As many retailers may be fulfilling more orders than previously as they now have an online presence, they may need to re-evaluate their current logistics arrangements to future proof their supply chain and delivery services.
  3. Smart retailers will also need to audit their sales and marketing plans in light of the opportunities created by the COVID-19 pandemic to include how much emphasis they place on direct online sales for example, rather than relying on major retailers and marketplaces such as Amazon.
  4. Have a tip-top online store as it’s competitive out there! Apart from increasing sales, retailers can also create loyalty with bulk discounts, offer free shipping, and reward programs.  These will all be essential to capitalise on changing habits and keep the business operational.

If you are thinking about expanding your business and taking it online, we can help you with an online payment facility. We can also help with pin pad terminals and upgrading to wireless machines. 

Please contact us today on 0333 311 0200 for further details.

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