As COVID-19 continuous to spread drastically worldwide, more sever precautions are taken in regard to social distancing. Due to these changes, retailers and experts are beginning to wonder what effect this will have on physical businesses and e-commerce in general. Here’s a look at the impact the coronavirus will have on brick-and-mortar stores and we can adapt:
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The Effect of Self-Isolation
Due to the unprecedented rise of COVID-19, governments are advising and in some cases requiring citizens to practice self-isolation. Since the majority of the population is currently staying home, this has undoubtedly had an effect on all areas of life. For starters, the epidemic has contributed to a drastic decline in tourism. Travelers are canceling their plans, as experts notice a significant drop in tourism worldwide.
Furthermore, due to self-isolation, people are using the internet now, more than ever, for online shopping, groceries, food delivery services and entertainment. Due to this, restaurants and traditional retail stores are experiencing a harsh deficit of customers and must find ways to adapt to these changes.
How Traditional Retailers Adapt to Changes
As consumers are turning to online services, traditional retailers must find a way to take charge of these abrupt changes. One of the main ways for businesses to do this is by adapting their offline businesses to fit the digital world.
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Offline To Online (O2O)
If your company isn’t currently performing business activities online – it should! There are many benefits to building a bridge between offline and online activities. For starters, in a time of change such as this one, your brick-and-mortar store will be capable of carrying on with business activities online. Regardless of whether you’re a clothes retailer or a restaurant, you’ll be able to take online orders and execute deliveries without any barriers.
Additionally, retailers that exist in the e-commerce world are also able to improve their company’s image and grow closer to their customers. Stores can showcase their knowledge on specific subjects and set themselves apart from the competition as an expert in their field. Also, you are able to provide 24/7 support to customers. This is highly important for the success of any sized business.
Furthermore, businesses that take the leap to online functions, are able to reduce operational costs. For instance, by receiving orders online, retailers are able to reduce the need for customer service staff. Additionally, purchase orders, payments, billing, and other operational aspects will be handled online. This would further minimize office space and office expenses in general.
Lastly, businesses that are online can do a lot more than only adequately take advantage of local markets. These businesses can also penetrate global markets allowing them to further thrive and grow. Stores are no longer limited based on the individuals that can visit their physical stores. Instead, a good online store can generate thousands of visitors, which will undoubtedly increase sales as well.
Payment Solution Providers
It is vital for a merchant to choose the right acquirer in order to guarantee the success of their business in the long-run. Oceanpaymennt is a multinational, innovative payment solution company. It can provide a tailor-made cross-border payment solution for various business needs for both online and offline stores. Additionally, the company can make transitioning to an online store quick, easy and effortless.
How is your business handling the changes associated with COVID-19? Make sure to visit the website for more innovative solutions.