How can I survive the Covid crisis as a small retailer?
The coronavirus has plunged the local retail sector into a deep crisis. In addition to the tense economic situation, shoppers are in a low mood for fear of infection. Customers are staying at home, ordering their goods online and the big online giants are the winners in the crisis.
So how can local retailers get through the crisis successfully and continue to survive in the future?
The answer is that traditional (offline) retail needs to rethink and transform itself into hybrid retail - i.e. offline and online.
A good example of a hybrid store is my favorite local boutique from my time in London -
Sheen Uncovered is a local boutique in Sheen, London, which was already a hybrid business before Corona and has successfully survived the long and much stricter lockdown in England. So what does Sheen Uncovered's hybrid business model look like?
The owner is very involved in the local neighborhood
Over the years, she has built up a large network and a database of mainly local clients
In addition to the stationary store, she has an online store where you can buy the same goods that you can buy in her store
She regularly advertises her goods via newsletter to her regular customers in the database
She regularly shares pictures and videos on social media such as Facebook and Instagram
This way I, now living in Cologne, can also remain a loyal customer, as I am informed about new items and can then buy them online.
Here are the top tips on how local retailers can get through the crisis:
Start an online store
With the use of new website builders such as Squarespace, Wix and Shopify, you can now create your own store quickly and inexpensively, allowing your customers to shop flexibly. With an online store, you can be open and selling at any time - regardless of lockdown and not just between 9am and 6pm.
Start a customer loyalty program
Think about incentives such as discounts or loyalty cards for your regular customers and invite them to register on your database. This way you can send them regular emails with product news and stay in touch with your customers.
Vouchers
In addition to your standard products, also offer the sale of vouchers that can be redeemed in-store or in the online store.
Social media
Connect with your customers via social media, such as Facebook and Instagram, and regularly upload pictures and videos with new products or special offers. This way you can not only stay in contact with your customers but also gain new customers and further expand your network.
Local networking
Get involved in your neighborhood, there's nothing like positive word of mouth propaganda!
Conclusion
Customers are increasingly turning to online stores, a trend that has been greatly accelerated by the coronavirus crisis. It is assumed that customers who have migrated to online retail will not return to bricks-and-mortar retail even after the crisis. So those who react quickly now and digitize their business and expand it with an online store can take advantage of this development.
I would be happy to help you implement your new digital strategy and create an online store. Give me a call!
