Below are ways that can help you revamp your business in the coronavirus crisis and deliver your customers better:
Supply chain- Look for alternatives
After the virus outbreak, businesses have realized it quite late, how dependent they are on China, right from every small raw material to finished products. China has often been an immediate supplier or either is involved in the second or third stage of the supply chain.
Now that many businesses have realized the fact of dependency on China, or for that matter are keeping themselves restricted to a particular location only, they should restrategize their supply chain management .
You certainly don’t want your supply chain blocked once again just because it has a single source.
Now is the time to diversify your business risks and look out for alternatives in other countries.
Related: E-Commerce Brands in an Uphill Battle Against Coronavirus
E-Commerce- This is the right time!
Looking at the current situation caused by the COVID-19, there is no chance for you to give a second thought of moving your brand to e-commerce.
People who used to buy the daily grocery from the retail stores are now forced to buy online. It is slowly going to turn into a habit as buying online is convenient and easy. Taking into consideration, the current pandemic situation, it is even safer!
Not just the consumer goods, but you can switch to e-commerce for buying other products as well.
For example, the automobile industry is highly dependent on in-person sales, and if it continues to be the same, car sales will drop extensively.
To overcome this kind of situations, you can:
And of course, you can be more innovative with it!
Restaurants in China have stopped their dine-in service, and are offering to take away meals only. This also keeps their business going and helps in satisfying the customer needs and in serving the social distancing purpose.
B2B Sales- Assure your customers
Unlike B2C, B2B businesses have a longer sales cycle and more number of suspects in the pipeline. And looking at the current economic situation people are not really open to investing easily. Many of them who were just about to invest before the coronavirus crisis, have now put their deals on hold suddenly.
These sudden changes in customer behavior are adversely affecting sales and revenue.
So it is your responsibility to assure your prospects/customers that this is just a temporary slowdown in the business. And there should be no problem with investing now. Make sure you understand your customers and their chaotic minds.
Communicate with them via all means possible and make them as comfortable as you can. Let people know more about your brand by talking of your understanding of customers and their requirements, instead of in-person sales put more effort into conversations on social media and LinkedIn.
Related: B2B E-Commerce E-book
The pandemic has proven to be a good occasion for brands to go innovative like it is rightly said: “Every cloud has a silver lining!”
Get your team together and brainstorm on innovative ideas that can serve the customer better in the panic circumstances. You never know, the idea once you thought would not work, would do wonders for you now. The reason is, the market conditions have changed and so are customer behaviors and needs.
For example, a real estate firm in China, named Evergrande Real Estate Group has gone online.
The company trained its offline sales personnel and encouraged them to use virtual reality and social media to communicate and engage with customers. It just did not stop there, but also changed its formerly non-refundable deposit policy to be fully refundable, exclusively for the online channel. In just a period of three days, customers booked 47,540 houses online by paying a mini down payment of 3,000 RMB ($431). That resulted in the company’s sales hike to 44.73 billion RMB ($6.4 billion) in February, up by 118%, topping the February housing sales list.
Have you ever thought before investing in real estate just by fixing the deal online? – That’s quite unusual but worked wonders for this one! And at the same time customer also did not have to change their plans to buy properties.
The point here is, you don’t need to concentrate on getting more business at the moment, but if you shift your efforts to just deliver your customers in their bad times, that will work wonders for you. As the customers are also well aware of the circumstances they might definitely turn into loyal ones for you in the long run.
As a responsible goods and services brand your aim should be to understand your customers and provide them their needs. Because the customers have no options available to get what they want, but you can choose convenient alternatives to deliver them and be at their service in such a pandemic situation.
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