Strategies to Survive and Thrive in the New Normal

Covid has led to a significant shift in consumer behavior, making it essential for retailers to meet their changing customer experience requirements.
Strategies to Survive and Thrive in the New Normal

Government around the world is easing down the restriction and businesses are ready to take tentative steps to re-open but we can not deny that nothing is going back to normal. We need to learn about and adjust to this new normal world. The hard fact is that the Covid situation has forced us to change our strategy which has been used for so long and now it’s the time to adopt new game rules to survive and thrive in this new normal. 

Covid has led to a significant shift in consumer behavior, making it essential for retailers to meet their changing customer experience requirements. To meet customers’ requirements, we all need to understand that going digital is not only beneficial but also a new rule to survive in the new normal world. In this virtual world, consumers adopt the new way of shopping and go digital even to find daily and basic essentials. Taking our business to a digital platform will be a magnificent move to make a mark in the world and connect with customers. 

Physical shops have been replaced by mobile shops. This has led to technological disruption in the overall business models to make it sustainable as well as transformation in the logistics and last-mile hyperlocal delivery space. The digital-first, direct to consumer (D2C) and organizations that can quickly re-imagine their omnichannel has pivoted more easily and are expected to recover faster from the pandemic. 

The Global Review on COVID-19 and E-commerce by UNCTAD and Trades have reflected the powerful global and regional transformations of industries recorded throughout the year. The e-commerce's shares on the global retail trade have increased to 17 percent in 2020 from 14 percent in 2019.

Keeping this current trend in mind, e-retailers must understand and learn from past experiences and strategizes them to manage and sustain their business in the new normal world. We all need to focus on key factors of surviving in the upcoming post-Covid situation.

It’s a time when e-retailer should be thinking about the mental and physical health of their staff. Employees are one of the key pillars to stand any business. Keeping them motivated also leads to successful and productive work. Guiding them to work from home and taking good care of them plays a vital role. Some monetary benefits for extra efforts put in by the workers can keep them engaged and focused.

Given the situation, it’s necessary for us to take proper precautions to ensure safe and healthy staff. Organizing a free vaccination camp for the staff or giving discounts on vaccination charges are one the factor to ensure the good health of your employee. 

We must focus on cost-effective decisions while dealing with the new normal world. E-retail companies must focus on cost improvisation without hindering the main business. A collaborative approach will help in building efficiencies. Many companies have come forward to find creative ways to meet the customer needs rather than simply dropping the prices

It’s critical to make work easier and safer for the delivery executives by opting for the mid-mile delivery system. Logistics should be streamlined through such a mid-mile delivery system by providing the consignments closest to the place of delivery.

In these difficult times, it is important to have a strict adherence to Covid protocols at the workplace which includes disposable masks, gloves, and sanitization along with individual vaporizers for each of the employees to ensure the teams are encouraged towards uninterrupted work so that customers do not suffer due to unexpected delays. Protection of jobs is the utmost priority.

For the success of any business, the most important factor to keep in mind is customer satisfaction. Customers' trust and loyalty is the biggest support to business hence e-retail should focus on providing 100 percent sanitized products that are hygienic and safe with appropriate packing and of course through contactless delivery.

Where more companies are getting shredded in this pandemic, e-retailers have a lot to cover. Focusing on the right strategy and adapting it on time would lead to a successful business in coming new normal. We definitely can’t go back to normal but can create a new normal. 
 

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