When the company core asset is its physical retail outlet, what is the way to recover and increase its revenue when social distancing is the new perception?
The unexpected pandemic is making a big impact in retail. While big fashion retailers have their online presence and e-commerce option to sell their products, many have not utilized this option, and are left with a big e-commerce competition to overcome. In addition, to facing the competition of the fast adaptation that is taking place by big retailers and fashion designers in US and the world.
The fashion shows, as its known, is over. New ideas are created, getting implemented, to adapt to the change caused by the pandemic as quick as possible.
The Squad Shopping is rising. The concept of the Squadded Shopping Party lets its users go shopping together on fashion e-commerce sites, as if inside a virtual mall.
Luxury brands are lingering and advancing the e-commerce and digital platforms option as a main key.
In spite of the fast adaptation to create solutions, the first quarter showed a notable declines in sales, expecting those drops to accelerate during the second quarter. The question is, how retailers who invested hundred of thousands are going to deal with the negative impact of the pandemic and the competition of the fast adaptation of other retailers?
The solution, invest in creating newer marketing strategies, greater online presence, and advanced technological applications, emerging from the pandemic better placed to adapt to the change and thrive. Giving reasons to customers to shop with you online. Bring forth fascinating ideas and lead the way.
Investing in newer marketing strategies is the way to recover the decline in sales and move ahead as a leading retailer or brand.
Losing a business is never an option in the presence of profitable availability of solutions. It is the fast change that scares business owners, not the lack of solutions.