The impact of pandemic COVID-19 has affected all of us globally. It has crashed economic growth. A lot of people have lost their jobs and have suffered physically, emotionally, and financially due to this crisis. In just a few months, this pandemic has changed the whole scenario of how business houses and industries are going to function in the future to come...
Let us today talk specifically about how the retailers in India are facing the heat of the crisis and are coping up to run the business. The impact of COVID-19 on retail is evident, and in addition to this, it has also impacted the health and movement of the people.
COVID-19 Effect on Retailers: Current, Coming, and Future Phase
The situation of the Indian retailers has worsened due to the pandemic. They are facing the challenge of coping with the situation now, next, and beyond. Right now, we are living in the "now" phase that has observed a halt in the business.
Nowadays, essential commodities like groceries, medicines, and other food shops are allowed to operate, but they face many problems. There are various issues the retailers deal with that include managing the customer demand, coping with supply chain problems, following social distancing norms, and maintaining proper hygiene of all the employees.
In this pandemic crisis, the essential commodities are impacted to a lesser extent as compared to the other products available in the market. The customers have lost their faith in the services and have stopped purchasing other things except for the essential goods.
When the industry steps in the "next" phase, they need to make proper strategies to get back in motion. The retail post COVID scenario will put forward a new challenge to adjust according to new business techniques.
The retail industry's future strategies will provide a roadmap to flourish well in the market. It will provide the shopkeepers with the challenge to prove their mettle and adopt different and effective ways to run their business smoothly.
Issues for retailers in different sectors
1. Employee welfare and management
Right now, the critical issue faced by most of the retailers is managing the expenses of the employees. They have to ensure a proper healthy environment for their frontline personnel.
2. Trade and supply chain
With the fear of lockdown, the demand for essential supplies has been skyrocketed. On the contrary, no one is looking to buy any non-essential items leading to hoarding of these things in stores.
Restriction in transportation has disrupted the supply chain for essential items, which in result has elevated the demand.
3. Brand and clientage protection
Retailers have to face massive crowds due to an increase in panic. They also have to prevent any negative marketing due to nuisance created by some maniacs. Moreover, they need to maintain their image while keeping a check on the hygienic standards.
4. Finance
With less demand for products, retailers need to regulate the flow of income for salaries and other expenses. They are looking for measures to plan in accordance with short term liquidity.
5. Technology and security
With an exponential rise for online services, it is crucial to maintain the online traffic. With this, retailers have to look into cybersecurity issues. Also, they have to incorporate advanced technologies to ensure maximum no-contact dealing with customers Job search in US.
Change in Consumer Behavior Due to COVID-19
A drastic shift can be observed in consumer behavior due to the pandemic ranging from the "now" phase to the "beyond" phase.
The consumers in the "now" stage are busy piling the stock for the essential commodities for the future so that they don't feel scarcity later on. All the food and grocery shops cater to the needs of people residing in rural and urban areas.
When the consumers enter the "next" phase, then daily life will start pacing as it was earlier, but the customers will start doubting everything.
Observing today's situation, we can quickly evaluate that there will be a shift in the consumer buying pattern as they will be more inclined towards purchasing local brands as compared to expensive brands. Businesses need to digitize themselves in every way, making it a secure transaction so customers can have faith.
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