Tips for Businesses to Grow Their Revenue during the Covid-19 pandemic

posted in: Business

In these difficult times, we are responding to a pandemic that affects businesses and retailers around the world. Covid-19 is harming businesses in every country and destroying the economy. Uncertainty and not knowing when the pandemic will end will undoubtedly cause losses to most companies.

Things change every day. Different locations and states enforce different rules. Businesses of all sizes, from global institutions to small family businesses, are feeling the impact of the virus economically and emotionally. However, compared with brick-and-mortar retailers, this feeling is even greater. Because of the implementation of blockade measures, encouraging social isolation, and requiring people to limit contact with others, many physical locations have to open their doors to the public. Although this may encourage online shopping behavior in COVID-19, brick-and-mortar retailers need to find ways to stay relevant and improve their revenue figures to survive.

This will be the most difficult time they have ever experienced for many retailers, and understanding how to continue operating as a physical store may feel like an huge task. Fortunately, in this unprecedented period, we can still do something to help you, because in this article, we will study some specific techniques for physical retail during COVID-19.

How brick-and-mortar retailers can increase revenue and sales

When it comes to physical retailing techniques during COVID-19, it may be difficult to know which technique to follow, especially if you are not used to services such as social media, mobile CX strategies or general online shopping​​​ However, in terms of e-commerce settings, despite the widespread impact of the coronavirus, there are some very simple and clear ways you can take to position your company in a better position and actually improve your sales. These include:

1. Contact important customers

As we all know, 20% of customers contribute 80% of revenue. Because these customers are very important to your business, they must be prioritized immediately to ensure long-term loyalty is essential. Keep in touch with your customers in any way possible, whether it’s blog posts, text messages, emails, or newsletters. Given the current situation, they must all be your main focus. Whether it’s email marketing campaigns or social media posts, passenger clothing has done a great job, all of which provide enthusiastic support, useful shopping information and personalized discounts without departing from its brand image or tone. For example, you are now serving your high-priority and high-value customers, and it will return loyalty in the future.

2. Re-evaluate your product

As we all know, the outbreak of COVID-19 has changed our daily lives. When it comes to customers, this is one thing you can’t ignore. Some products you sell may not be relevant to their needs, while others may be more important than ever. Ask yourself the following questions to determine what should still be sold during and after the pandemic.

Which products you sell may no longer be relevant? During a pandemic, you may sell products that have nothing to do with customers. For example, you may be selling accessories for travel or live events, or – due to epidemics, travel and live events are greatly restricted, so you may not sell many of these products. In order to adapt to this situation and reduce the loss of sales, you may need to remove these products or change them in a way suitable for home use.

Which products can you sell that are more relevant to your customers? Consider how the pandemic has affected your customers and how their needs may change. As we mentioned, many online stores may feel the need to increase medical and cleaning supplies-it is hard to ignore the huge boom that has emerged in these products online. However, these products should only be added to inventory if they make sense to your business. If your online store sells books, adding hand sanitizer to the product may not make sense.

3. Communicate with customers

During and after the pandemic, it is vital that your business must constantly communicate with your audience. Whether it is financial difficulties or simple changes in daily work, the daily lives of enterprises and customers are undergoing many changes. According to the 4A survey, during this time, 43% of consumers felt relieved that they had heard news from brands they knew and trusted.

Use your messaging channels (including social media) to notify customers of changes related to your business (and stay the same). This includes the following:

  • Are all products still available?
  • How do you ensure the safety of customers and employees?
  • Will there be any delays in production?
  • Do you want to stop delivering to any country or region?
  • What is the estimated delivery time for the product update?
  • As the pandemic subsides, which services are returning?

By having a conversation with your customers, you can evaluate what changes they would like to see in order to see your business and make valuable feedback. Make it clear that you not only care about your customers’ wallets, but you are also passionate about how to help customers in a meaningful way.

4. Start planning ahead

If you do not make any crisis plans before the pandemic, your business may be caught off guard and suffer losses. There is no better time than now to start planning how to respond to the rest of the pandemic and how to return to normal once it is over.

Of course, this epidemic is largely unpredictable, and lock-in starts and ends quickly. It is not possible to plan a specific date for the reopening, so if the situation changes, please give the planned space a time for the change. Although we all want to increase sales, we also don’t want to lose sales – see what your business is currently doing and identify any weaknesses.

To start planning, review your business. Where did you lose sales, where did you gain sales, and where did you stand still? Determine how COVID-19 affects your entire business and entire industry, and take steps to mitigate the damage. Focus on the following key elements:

  • Remote employee productivity and collaboration
  • Supply chain and operational disruption
  • Taxation and trade issues arising from the national blockade
  • Brand response to COVID-19
  • Postponed projects and activities
  • New projects that meet the needs of employees and customers
  • Emergency funding and debt relief grants

You also need to monitor the economy and travel patterns in your country, as this may directly affect your business during and after the pandemic. The decision of the government of your country/region may affect the decision of your business, so please be aware of all changes at all times.