A Retailer’s Guide to Covid-19 Recovery
Written by Shreya Sheth
With the GDP shrinking by the precipitous 23.9% in the April-June period, the Indian economy was thrown into a tailspin with the advent of COVID-19. It has been more than six months now that we are living amidst a global pandemic. Worldwide lockdowns are easing and industries are opening up but customers are still skeptical about stepping out. With this, the retail stores have no option but to expand beyond the brick and mortar styles and adapt to the “new normal”.
In order to recover and survive this inevitable situation, stores will have to come up with ways to keep the sales high and the customers close. Retailers need to now go above & beyond to create digital retail channels and start catering to their target audiences.
However, the presence of eCommerce websites and applications aren’t the only prerequisites of getting customers to purchase from a brand. With every business building a digital presence for their brand, customers now have multiple options to choose from, so the need for an online customer engagement plan must top every company’s to-do-list to drive in revenue in times like these.
eCommerce businesses could do the following to lay down customer experience and engagement strategy and ensure that the customers continue to stick around:
Regular touch basing
Customer Relationship Management tool is crucial especially when the customers aren’t shopping. It helps in uplifting the brand name into the subconscious mind and gets the customer’s attention when they want to purchase.
Understanding who is who
An important step is to know who the customers are and what they like. Retailers must delve into consumer data, segregating it based on various parameters. This will help in defining the correct target audience.
Reaching out to the target audience with relevant and personalized content will keep the customers stay connected and will also help in reducing the churn ratio. Hence, eCommerce businesses must work closely with content marketing agency services as a part of the customer engagement strategy.
Action on Analytics
Based on the results achieved through strategizing, communicating, redefining and re-targeting the customers through automation and defined omni-channels can help make the entire customer experience seamless and quick. Businesses must optimize their business decisions by analyzing data through relevant Business Intelligence tools.
For retailers, maximizing revenue in the current crisis is a major business and creative challenge. With the commencement of the digitization journey, brands need to be forward-thinking as well as experimental. Be it loyalty incentive programs or using target marketing strategy, businesses will have to leave no stones unturned.
Charles Darwin has rightly said, “Survival of the fittest!” Ultimately, the key to survival and outperforming the competitors here is to stay relevant, flexible, and learn the art of turning threats into opportunities.