COVID-19 pandemic can be looked as a catastrophe as far as public health is concerned. Lot of people has lost their jobs due to this pandemic. Several countries have been reopening their businesses at the moment. However, small and medium enterprises are affected mostly as a result of this pandemic. They have been facing a lot of challenges in order to stay afloat in the market. Consumers do not have a lot of money in their hands to buy products. In addition, most of the consumers like decrease the amount of interactions and movement.
During this new normal era, consumers are turning towards online sources more to purchase products or avail services. It is a reason why several small and medium sized companies have started to sell online in this lockdown. However, lot of hard work may be required to ensure success in this space. In order to steer clear of impact of infection, businesses have to be resilient as much as possible.
Panic Buying and COVID-19
In the beginning of coronavirus pandemic, people have been stocking up medical supplies, hand sanitizers, masks and daily essentials. Therefore, it has been difficult for the brick and mortar shops to supply all the necessary goods adequately. Prices of supplies have increased also. Response of crisis comes differently from different people. Pandemic has brought a lot of uncertainties in the minds of people. During the time, psychology of the people has been to keep enough things for the family to survive. People have been weary of living without any resources.
Business online has definitely benefitted from this mindset of people. Products have been supplied to the people directly. As a result, issues of panic buying have reduced over time.
Following strategies can be utilized on the occasion to become robust online.
Improving Margins
If small and medium sized enterprises have good margin then they can sell less and maintain the cash flow. In order to do so artificial intelligence and machine learning technology can be utilized. Data science can help a company to perform better in diverse area. Through use of data, some insight can be obtained on how to improve your business. Help from the experts can be taken also in order to make the process as smooth as possible. Information about buyer’s habit can be obtained also. Cost of advertising can be minimized in the process too.
Marketing in multiple channels
Coming to the online business arena during this coronavirus pandemic, you must market it through as many channels as possible. For marketing purposes, you can use pay-per-click advertising, display advertising and email marketing also. More people are searching for their products online now. Therefore, marketing in different channels can definitely help. It is possible to attract new customer with the process.
On the occasion, you can use channels like Google, Facebook and Email. Service from digital marketers can be availed also. Existing campaigns can be improved with expert advice.