With the global economy facing an unprecedented challenge due to the rapid spread of coronavirus, how do you plan to keep your business profitable?
The outbreak has accelerated what has been a hesitant embrace of e-commerce. With online shopping predicted to grow by a third by the end of the year.
Retailers that were already digitally enabled, even with the basic use of platforms or tools weathered the crisis better – which largely affected those who delayed going online.
It’s a necessity for business owners to invest in their digitalisation to remain more competitive and to ‘recession proof’ their businesses. Here are our recommendations:
1. Generate multiple revenue streams
Why rely on traditional brick and mortar when you can triple your revenue streams by adapting click and collect and delivery services from Mercury Order? As competitors quickly embrace e-commerce to recoup the level of sales disrupted by the lockdown – it is now a matter implementing multiple revenue streams to weather the looming recession and remain competitive.
2. Improve customer retention
It costs five times more to acquire customers than to retain them. It’s crucial to create a strategy to keep the customers you already have. Have your loyal customers shopped elsewhere? As competitors provide an online store allowing shoppers to skip queues or avail of the convenience of home delivery?
If you have an offline business, then having e-commerce platform provides convenience to your existing customers to purchase from you next time.
3. Find new ways to provide value to your customers
Increase your customer touchpoints by selling to consumers anywhere, anytime, from the ease of their fingertips.
This is a good time to rethink and redefine your unique selling proposition. As the UK is already in a recession with a forecasted recession for Ireland, customers will begin to cut back.
Having a strong online presence will discourage customers from switching. Additionally, you could stand out as an alternative to the migrating customers of other brands if you are established online.
Businesses that add e-commerce services may draw a more youthful clientele and be in a better position to weather the potential recession. A plan must be in place for reduced revenue and restricted spend – to provide e-commerce stability in uncertain times.
If you would like to request a free demo of Mercury Order today, to protect your business against a further economic downturn, contact our team:
UK Tel: + 44 28 7122 8820
Ireland Tel: +353 1 247 5294
International Tel: +44 333 241 44 22