The outbreak of corona-virus has affected retailers all across the globe. Retailers are now adopting solutions for revamping their business for reducing the pandemic’s impacts. Many retailers are receiving financial support directly from grants provided by the government, and one such grant is PSG grant Singapore. This helps to boost up their business financially. In this article, we will share five strategies which retailers have adopted to increase their revenue this corona virus season.
- Home-delivery: Even during this virus season, some people are still going outside buying their groceries and other essential items. Social gathering at the retail stores will occur, and can increase the chance of the virus spreading.therefore if the retailers assist them in that regard by offering home delivery, it would help to keep consumers safe at home.Home delivery will also help retailers keep their shops safe and prevent themselves from being shut down if an outbreak occurs.
- Offering discounted rates for products: The 2020 pandemic has affected consumers all around the world financially. So keeping that thing in mind, the retailers should make the initiative of offering discounted rates so that people can afford buying essential items from their stores. If the cost is too high then only a certain community can afford and others will not be able to do so. Luckily, the Singapore government has taken steps to prevent mass inflation, which has ensured social benefit for all as well. However, retailers also need to be responsible and not raise prices in order to make a quick profit this virus season.
- Safety measures: retailers should also adopt the standard safety measures that have announced by the government for fighting the virus situation. This is not only for the benefit of the customers but also for their retailer staff’s own health benefits. If these measures are followed then the consumers’ perception of the retailers will be positive, and after the virus situation subsides, consumers will continue to purchase from these retailers.
- Online strategy: Many retailers are now solely relying upon online sales of their products to the customers. The benefit of this is that there is no need of crowding at the retailer stores, and rather a few clicks on the retailer’s online shop can complete thea similar process of purchase within minutes. In this case, the retailers should certainly focus on upgrading their online sites so that e-commerce transactions can be smoothly carried on without hassle.Another option that retailers can consider are ‘Live’ broadcasts on social media platforms, which is in the rage nowadays.Rather than directly selling their products, retailers can opt for a ‘softer’ approach, and start with interesting content such as cooking or food preparation sessions. Doing so, they will get the interest of viewers who will be more open to purchasing their products in the future. A good strategy will be if the retailer is selling certain food products and does a cooking video stream on how to cook a dish, using their food products.
- Diversifying to other complementing products or services: Rather than stick to selling one product, retailers can consider diversifying their marketing strategy to covering more products. For instance, a retailer selling fast food can consider partnering a beverage shop to appeal to consumers who would prefer to have a meal.If the customers can get all their necessary items from a single store then they will not go anywhere.Alternatively, retailers can partner other retailers whose product or service complements them for a less capital costly strategy.
- Financial aid: Since corona has hit the retail industry financially therefore many retailers asked government for financial assistance. The governments offer huge grants for stabilizing the financial condition of the retailers. These grants are truly quite helpful in compensating the losses occurred due to current crisis. These grants have also helped the retailers in paying off their store expenses along with the salary of their employees.
In summary, here are the five strategies that can help retailers to carry on their businesses successfully in this critical virus situation Comeback from Pandemic Crisis. Apart from that, government grants are also available for assisting them financially. Today, Retail is one of the most important industries of the consumer world and retailers need to brainstorm and adapt new strategies to keep their business a float.