Coronavirus, or COVID-19, has been declared a global pandemic and is having an unprecedented impact on individuals and our economy at large. Times are uncertain, and while we don’t have all the answers, we’re doing everything we can to offer guidance to our customers.
With traditional brick and mortar retailers feeling the pressure, taking operations online can alleviate financial stress and boost revenue during the COVID-19 pandemic. Below is a list of strategies you can implement with your business to help you through these challenging times.
Online Stores / eCommerce
Because eCommerce tends to carry far lower costs than brick-and-mortar setups, adding an online component to your existing business doesn’t need to be a high-risk investment.
Whether you’re selling to a local area or are looking to go global with your products, providing your customers with an online store in these difficult times can help boost sales that would before be made in-store. The power of eCommerce can be integrated with almost any business type. Whether you’re a fashion store or a local butcher; online payments provide new revenue streams for your business. Some of the top eCommerce platforms to consider for your business include WooCommerce, Shopify, Bigcommerce and Magento.
Gift cards provide can provide your business with an immediate infusion of cash and (in most cases) ensure customers will return to your business in the future. For businesses with especially thin margins, gift cards can boost revenue and help you stay afloat until the crisis passes. If you’re looking to reduce the risk of human contact during the COVID-19 crisis, you should consider a digital gift card program which you can run through an eCommerce platform / online store.
Discount under-performing products
Non-essential retail is likely to see a decline in demand, so businesses in this category are vulnerable. If your business is sitting on dead-stock or under-performing stock, it should be a goal in the short term to make sure your business can move these products and generate some form of revenue.
Consider heavily discounting or bundling under-performing stock to provide you with much-needed cash flow and leave room for stock that moves.
Re-marketing to high-value customers
On average, roughly 20% of customers equate to high-value customers. High-value customers have proven loyalty to your business and far exceed the revenue generated compared to other customers.
Most eCommerce platforms have reporting tools to analyse your top-performing customers. Email marketing through tools such as Mailchimp and GetResponse is a great form of re-marketing to existing customers and especially high-value customers. It’s important to remember that during the coming weeks, brands need to be sensitive to consumers’ needs and rethink their marketing and advertising. That might mean adjusting the copy and creative on ads to better speak to the realities of the COVID-19 pandemic.
Offer free shipping or local pickup and delivery
Shipping cost is a major barrier for online shoppers, so if you can, consider offering free shipping. Another option to avoid shipping costs is to offer “local pickup”. In other words, local customers can purchase a product online and pick it up from your store.
Sell on Facebook & Instagram
Over 1/3 of Instagram users have used the app to purchase a product online. Did you know even more purchase products through Facebook as well?
Integrating an online store platform such as WooCommerce or Shopify, with company social networks has never been more accessible and can open the gates when it comes to exposing your products to a larger audience.
If you need to speak with an eCommerce expert about how to boost revenue for your business during the COVID-19 pandemic, please don’t hesitate to call our Brisbane office on 07 3444 0045 or contact us online.