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Retail Stores Closing in 2020 Due to COVID-19 OutBreak – How Will Businesses Survive?

4532 Views | 1 min | Published On: March 19, 2020 Last Updated: March 19, 2020
Stores Closing in 2020

COVID-19 is hitting the soul of the economy from every single side. The pandemic is spreading quickly, with new updates flying in every single minute. And, as many retail stores closing in 2020, entrepreneurs are uncertain of what steps to take to manage risks, support customers, protect employees and maintain the cash flow.

A number of small as well as large businesses have already observed a major drop in sales because of the COVID-19 pandemic and another report says many will be pushed to limits if the emergency keeps on developing. 

Here a few key findings of BusinessInsider that are even more alarming:

  • The sectors that are affected adversely are Hospitality, Retail and Personal Services.
  • The average cost to those affected by the financial effects of COVID-19 is about $66,000. 
  • 43% of businesses across the globe have reduced hours for employees and 20% have started temporary layoffs.
  • 38% are  experiencing the supply chain issues.
  • 42% said they will have NO sales if the face-to-face contact becomes impossible.

Major retailers like Nike, Starbucks and Apple had temporarily closed their stores, while small and medium-size retail stores are being hit especially hard as the pedestrian traffic lessens.

So, the question that now arises is “How Will Retail Business Survive?” 

The only answer to this question is – GO DIGITAL! It is the need of the hour. Let’s see a few resources that can help retail stores closing in 2020 survive the outbreak:

3 Resources for Retail Businesses to Survive CoronaVirus

Retail Stores Closing in 2020

1. Operate Your Business Through an On-Demand App or Website

Just think about it – your store is now open 3-4 times longer than it was earlier – Can you imagine the spike of sales that you will experience?

Obviously, it would be around 3-4 times more than it was earlier. And, you can achieve this if your business is online. Due to the effect of CoronaVirus, a number of retail stores are closing and the same is impacting their sales resulting in the businesses going to jeopardize.

While physical stores are going into losses because of whatever that is happening – e-commerce retailers based in the U.S. are experiencing a 52% growth rate in online sales during the 5-8 weeks of 2020 (the timespan when the virus started quickly spreading outside of Asia) as compared to the same weeks of the year 2019. 

Therefore, the real-time situation is itself giving the solution – go online.

This single step taken by businesses in this hard time will them in many ways:

  • It will help business do sales seamlessly
  • It will help them in reducing their operational costs
  • Using the online modes, businesses can attract even more customers.
  • It will let them retain their existing customers as well which they may lose because of stores closing in 2020 due to CoronaVirus.

Your single step can make a significant difference in how your business performs during the COVID-19 crisis. For instance, if you get orders online it will lessen the requirement for customer care staff. 

With complete product details online, you’ll easily get orders and payments by means of email or into your database. Staff members can be reduced, thus office space and related office costs can be limited.

What Do We, At Apptunix, Recommend?

At Apptunix, we believe that retail stores can not just survive the COVID-19 crisis but can take its maximum benefits – using an on-demand application. You can retain your existing customers by fulfilling their needs on-demand and it will also help you maintain a seamless shopping experience for your customers.

But, how can it happen overnight? Here, we got you covered. Here’s how:

We can provide you the complete White-Label and Customizable Tech Suite within 2 days using which you can operate your retail business using a mobile app and manage and analyze its growth using an Admin-Dashboard. For more information, let us connect.

2. Manage Your Inventory Through an Inventory Management System

For retail store owners, managing the inventory is the most important and complex task. 

And amid COVID 19 outbreak, when you are having less manpower with you – it becomes even more difficult. The solution to this problem is an inventory management system. 

Retail inventory management is the thing that keeps your entire business all together. It is the set of frameworks and tools that you use to monitor the stock in your store. This may appear to be a simple task, however there’s a ton of data that goes into dealing with your stock. For example,

  • What amount of everything is available?
  • Are you ordering excessively or too little stock?
  • What and when do you have to reorder?
  • Would it be a good idea for you to stop selling something completely?
  • What are your best and worst selling products?
  • Is your inventory sufficient? 

Due to the COVID 19 outbreak, demand and supply chain all around the world is mismanaged. Therefore, the ideal way to manage inventory at this hard time is by using an IMS.

Managing retail stock electronically using a POS system makes everything simpler for you. There’s no compelling reason to do the math or go through hours at your workplace when your POS can update everything for you automatically.

So, get one and save yourself as well as your business amid the COVID 19 outbreak.

Also Read: Is Your On-Demand Business Ready for the Spike in Demand Amid CoronaVirus Outbreak?

3. Go Contactless When It Comes to Product Deliveries

As a result of the hazardous impacts of CoronaVirus, health specialists and authorities are requesting the public to avoid exposure to the crowd. The Coronavirus is said to spread by means of an infected person who has been as of now exposed to the infection. 

So, in such a scenario – even if you develop an app for your business – how will you deliver your items without coming in contact with the customers? This is where the technology comes into the rescue. 

The best thing you can do is – Deliver Contactlessly. A number of big brands like GrubHub and Instacart are also doing the same to help protect their customers as well as delivery partners from this deadly disease. 

You can simply let your customers order online and ask you delivery partners to leave the order somewhere and send a real-time picture of the same to the user – this process is basically called “No-contact Delivery” in the USA and is being adopted by a number of businesses worldwide to stop the spread of COVID 19.

Planning to Go Digital? Let Us Help!

As mentioned above, the right use of technology can help you conquer it all. If you are failing to overcome the offline operations of your retail business, you can think of moving to the online platforms.

We can help you provide a smooth and seamless Retail Business Management Software to help you run your business. Our power-packed solution will have something for all your stakeholders:

  • A feature-rich app for your customers that will help them order things they need – seamlessly.
  • A powerful app for your delivery personnel to help them deliver the order using the optimized routes.
  • A robust Admin-Panel for you to track every single thing seamlessly – at one place without even leaving your home.

You can smartly use this software to run your business amid the CoronaVirus Outbreak. 

For every trouble that you are facing due to Coronavirus while running your business, you can use this product as your trump card. Stay Safe! Stay Healthy! But, don’t let your business suffer.

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