In a crisis, the traditional ways of doing business don’t always work. And just a month into the COVID-19 pandemic, retailers are already experiencing disruptions. According to a recent survey, 47% of US brands expect to see some downside revenue implications due to the novel coronavirus. And an additional 33% responded that it’s too early to say.
As consumers continue to self-isolate and go all-digital, companies have new opportunities to connect with customers and reimagine their business models. Regardless of your organisation’s size, location or industry, this crisis offers the opportunity for innovation.
Let’s take a look at best practices for pivoting your retail experiences to digital — and how brands are already tackling traffic challenges head-on.
As the new norm of social distancing sets in, we’re beginning to see the economic effects of this pandemic. Experts predict real global GDP could contract as much as 1% around the world, and all avenues of business will feel the pinch. As a result, consumers will likely need new and innovative ways to pay for purchases.
Companies can help by multiplying loyalty offerings, issuing gift card expiration extensions, and rolling out longer payment cycles. For instance, in the US, Ford is using its current television ad buys to communicate flexible financing options to national audiences.
If payment flexibility isn’t an option though, there are other ways to offer relief:
Now with an all-digital customer base, retailers can no longer rely on tried-and-true physical experiences. This is the time to use your entire workforce to think in new ways about connecting with customers.
Here are three ways to engage beyond your four walls:
According to Forbes, 88% of shoppers believe brands have the power to make the world better. And now more than ever, we have an opportunity to do good in our communities. Whether that’s making charitable donations, supporting employees and customers in need, or stepping up with more sustainable practices, customers are looking at their favourite brands to do what’s right.
Beyond monetary donations, companies are using their pre-COVID assets to assist during the pandemic. Here are three examples of how companies are contributing more than money right now:
In this unprecedented time, much is unknown and things change quickly. But retailers all over the world have already stepped up to meet these trying times.
Through it all, the ones who weather this challenge will be the ones who stay closest to their customers.
For more advice and expert how-tos for leading your businesses or team through COVID-19, check out the ‘Leading through Change’ series.