5 Strategies to Help Retail Businesses Succeed in a Post COVID World
The COVID-19 pandemic has altered the world in a variety of ways and significantly in the way we shop and purchase products. As we continue to live in a COVID world, businesses must consider consumer behavior and how to alter their products or services to thrive and succeed. New purchasing trends have become the new norm and will likely continue after the pandemic such as home delivery and curb-side pickup. This week’s blog examines five strategies to help your business succeed during and post pandemic economy.
The future of technology and retail trends is less people shopping in stores and more customers switching to shopping online. Offering self-service solutions, omnichannel retail, and using social media platforms to stay in contact with customers will prepare your business for post pandemic in an innovative way.
Launch new products and services
Creating a new product or service for your business, can be worth taking the risk and can even help establish a company’s values and missions. While we continue to live through this pandemic, introducing something new and exciting while also considering the coronavirus landscape, can be rewarding for your business. While launching the new product, keep in mind your audience and customers and adjust marketing language to align with their behavior. Today, more and more people are working from home so providing in-home services can also be beneficial to your company.
Offer new ways to fulfill orders
Since the start of COVID-19, many consumers have switched from shopping in stores to ordering online, in-store-pick-up, or curbside pickup. Offering these options for your business will provide convenience for those who are interested in staying home and utilizing online shopping.
Update brand design
Many consumers have altered brands during the pandemic due to value, availability, and convenience. If your business has slowed down in sales since the pandemic, reevaluating your brand image can be an opportunity to attract new customers as well as continuing to capture the attention of current customers. Creating a new packaging design, can help your product stand out to competitors, provide a fresh new look to customers, and highlight brand identity.
Strategize product price
During the pandemic, some companies have experienced an increase in demand leading to an increase of product price, however, it is not always beneficial to raise the price of your product and can result in value loss. It is important to ensure that every price action is legal, ethical and community minded. It may be beneficial for your company to consider price reductions, one-time promotions, and flexible payment terms to turn heads and even stand out from competition.
The future of retail business will be altered through new technology services; therefore, it is important to start using innovative ideas to ensure success. At GCB Solutions, we are ready to assist you in your packaging needs, every step of the way during the pandemic. To learn more about packaging options for your product, contact us today at (904) 263-2804 or schedule a free consultation to learn more.