Today, the growth of a business is measured digitally. If a business is digitally sound and connected to the audience means it is growing well, and now with the pandemic; it is proved that digital is the way from here onwards.
COVID-19 has affected all of us, but to what extent? From fundamentally changing our ways of living daily lives to changing the ways the businesses are run; nobody could have predicted the seismic shift our world has seen over the past few months. Offline retailers started launching their new eCommerce platform, while customers started developing new shopping choices. In short, online become the new normal in 2020 and made it clear that retailers who adapt and diversify will be the ones to survive and succeed in the coming years.
What’s Next for Retail Post-COVID-19?
For retail kings, beyond customer satisfaction, staff safety, and keeping up with evolving government regulations, the key question is what’s next, and how to respond to this massive shift in the way customers now live, work, and most importantly shop? Well, the answer is to walk with trends. With we living in the digital era, adopting digital solutions is the key to kill two birds with a single stone means to gain both – growth and customers.
So, let’s see what are the 7 new rules for retail, each presented with actionable and realistic steps for retailers to unlock profitable growth and ultimately thrive in this unpredictable future.
1. Stop applying the copy-paste formula
With everyone desiring to get online but fearing budget, commit the most common mistake of using a free ready-to-use eCommerce solution which ultimately turns up just like any other website. Numerous easy-to-use eCommerce platforms offer digital solutions anyone can set up and run with, but they often end up identical providing with nothing but less appealing eCommerce experiences.
Therefore, it is time for retailers to break free from the traditional grid and think more about how to be exclusive in their store experience. Approach an eCommerce mobile app builder with some out-of-box talent who can develop your eCommerce platform such that you can provide your customers with an immersive shopping journey.
2. Grow yourself to outgrow others
The global pandemic has completely changed the way eCommerce takes place traditionally. Retailers need to innovate outside their core proposition and rewrite the rules to move forward and grow. The more the retailers extend their reach in terms of both products and customers making use of technology, the wider the possibilities will come their way.
3. Focus on your purpose
Traditional points-based loyalty schemes have been obsolete for a while now, possibly in the long term they’re not enough to maintain true customer loyalty. Now is the time for retailers to set themselves apart with focusing on purpose as customers today make their purchase decisions based on social value than just their shopping craze.
4. Connect your offline to online
Of course, to grow digitally you must embrace digital solutions but, that doesn’t mean you have to put shutters to your offline store. The role of the store is changing, and digitalisation will be at the forefront of this evolution. Retailers can gain exponentially by unifying their offline and online store that is crucial for the survival in this social distancing age which is nothing but omnichannel retailing.
5. Create a risk & security framework
Digital transformation is necessary, but then grass is not always greener. There are risks associated with security a lot in digitalization. Cybercriminals are always on their toes looking for ways to steal or harm the online world and hence while making your business digitally sound; make sure you are amping up your security as well. Invest in the right safety protocols and solutions proactively to avoid any data/ security related setbacks that may hamper your digital transformation journey.
6. Be there where your customers are
Customers are out there in every digital platform using all kinds of digital solutions and so are your competitors therefore as a retailer if you want to grow digitally, developing a multichannel presence will be the right decision.
7. Choose your digital partner wisely
You may come across many eCommerce solution providers offering services at a very cheap rate but remember, for a long-term benefit you must proceed with caution and approach the best.
In this rapidly changing world of business, retailers need quick and actionable steps to survive and thrive and the only to achieve that is digital way. Therefore, it is time to give your shoppers an outstanding digital experience.