Road to Recovery Lessons from Mid-size Retailers

This year was hard on everyone. The global economy is in shambles and things seem to be getting worse. However, if there’s one thing worth mentioning about human resourcefulness, it’s the fact that it always shines the brightest in the darkest of hours. Mid-sized retailers have shown a particularly high level of resilience in face of this adversity. In fact, some of them already seem to be recuperating from an initially hard patch. With that in mind and without further ado, here are several recovery lessons from mid-size retailers that you should know about.

1. Remote workforce

When it comes to retail, working from home doesn’t seem to be a logical step, nonetheless, it is a step in the right direction for sure. For those who are planning a shift towards e-commerce, this idea is even more viable. Website maintenance is a task that doesn’t require that many hands at all times, nonetheless, having 24/7 available support should be paramount. One of the ideas that retailers migrating into e-commerce might want to consider is training some of their staff for these customer support-related tasks.

2. Approach for different devices

The next major issue worth considering is the approach towards audiences using different devices. You see, online shoppers tend to browse your store via smartphones, tablets and desktop computers. Now, mobile drives more traffic, while desktop and tablet have greater conversion rates. The general rule is that the bigger the screen size, the higher the conversion rate. This is the main reason why it is so important to consider all of your audience. Two ways to handle this is to either go with responsive or adaptive website design. Each of the methods has its own advantages and downsides, which are worth researching.

3.  Safer and smarter logistics

A lot of retailers are ordering their goods from suppliers across the globe. The problem lies in the fact that amidst the global pandemic, the maritime traffic was drastically reduced. Some ports have limited the number of ships that they will accept every day. This is why it might be worth one’s while to look for a freight quote from industry veterans like those behind General Carrying. This way, you will be able to organize your logistical infrastructure in the most adequate manner possible. Also, it will allow you to set your expectations and scale your enterprise in order to meet these requirements.

4.  Show that you care

Stepping outside of your own point of view is a strategy that has proven to work so many times in the past. The important thing is that you understand that your customers are going through hard times, as well. Some of them have lost their jobs. Others are struggling financially or simply feel frightened about their future. Why not offer some reassurance and remind them that you are all in it together? A sizable discount would be a nice gesture but even if you can’t afford this generosity, there are other ways to display compassion. This can be efficiently integrated into your content marketing strategy.

5. Unique customer experience

The next thing worth taking into consideration is the importance of creating a unique customer experience. Return business is the cornerstone of any successful enterprise. The kind of reliability that comes from return customers is something that can help a business bounce back even amidst the most uncertain of times. In order to create a positive and unique customer experience, you need to ensure that everything runs as smoothly as possible. There is a 43% chance that a person who buys once from you might come back on their own. This is an opportunity that you can’t afford to miss out on.

6. Necessary pep talk

Remind your staff what they’re up against and help them understand what you’re up against. Remember, the uncertainty of your enterprise’s future is affecting your staff, as well. If they’re on performance pay, their income may be seriously endangered. This is why they might consider leaving your enterprise. Others will fear losing their job in the scenario where you have to close down. Under these circumstances, it would be only logical that they give it their best so that it doesn’t come to this, still, not everyone performs as well under pressure.

7. Reduce your overhead

There are two ways to improve your profit – increasing income and reducing overhead. While the first thing may seem somewhat difficult under current circumstances, reducing the overhead is always an available option. This is incredibly significant and it takes a lot of pressure off your business. It also improves your cash flow, which allows you to redirect funds towards those aspects of your business that are the most in need. Overall, there’s so much work that you should do and so little time.

In conclusion

Remember that you are currently facing a crisis. Sure, things are salvageable and manageable but this is not going to be easy. You’ll have to invest a lot of effort, time and focus in order to keep things from falling apart. Even if it seems as you can’t bounce back just yet, you might want to prepare everything for the right moment. Roman philosopher Seneca said that luck is when preparation meets opportunity. Ensuring that this is true in your case can make all the difference in the world when it comes to the survivability and future prosperity of your enterprise.