10 Actions Retail Chains Can Make to Navigate Through the COVID-19 Pandemic
Keeping up with demand during the COVID-19 virus has proved challenging for many businesses, but the right strategy can help alleviate any obstacles. As customers settle into new habits, both buying behaviors and demand are shifting.
To help your business stay ahead and meet consumer needs, keep these 10 retail tips for navigating the COVID-19 virus in mind.
1. Understand Changes in Consumer Spending
Studies indicate that consumers are experimenting with new brands and stocking up on staple goods while buying fewer discretionary items. As you move forward, it’s important to understand what your client base is doing and why.
2. Secure Demand and Communications With Suppliers
To handle high demand for nondiscretionary products, ensure that your business has reliable inventory supplies and clear lines of communication with your suppliers. Consider diversifying your resources or finding local distribution centers so you can get meet your customers’ needs.
3. Redirect Inventory Operations to Match Demand
As retail businesses navigate the COVID-19 virus, it’s essential to redirect and prioritize inventory. Take account of items that have become in high demand over recent months and create a flexible strategy for managing and maintaining the products that are most wanted.
4. Think Digital
Since many customers are moving away from in-person shopping, you should develop and streamline your processes for online orders and deliveries.
5. Ensure a Safe Workspace
Make the workplace safe for everyone by putting systems in place for thorough sanitation, social distancing, limited capacity, quarantine and work-from-home protocols.
6. Be Flexible
In a situation with many contingencies, it’s crucial that you think ahead and respond to sudden changes that may come up. Anticipate possible obstacles and build in flexibility to adapt in case of quarantines, shortages or changing demand.
7. Stay Reliable and Consistent
Amidst many unknowns, stay consistent and let your customers know that they can trust you. Don’t price gouge, do your best to stay ahead of demand and be conscientious about transparency regarding product shortages or delays.
8. Strategize to Reduce Supply Shock
To give your business space to rebound when you encounter obstacles, ensure that you have plans in place if one of your suppliers experiences shortages or delays. Find ways to work with your supplier network and invest in software to provide inventory visibility across your distribution areas.
9. Create an Excellent e-commerce Experience
Create a customer service experience that will keep your customers coming back. When you provide user-friendly interfaces, fast processing and reliable delivery, you’ll make buying from your business enjoyable and convenient for your customers.
10. Plan and Adapt With Finale Inventory
With Finale Inventory’s tools for in-depth data analytics, you can get the information you need to move forward. You’ll be able to analyze past behaviors and trends to plan ahead and adapt so that you can stay ahead of the curve.