In recent months, the world has been trying to adapt to the challenges of COVID-19: the fragility of the healthcare system, social alienation and the socioeconomic crisis, which stimulated creativity in business. Jason Simon, an expert in eCommerce issues, explains how eCommerce-based platforms continue to adapt to the challenges posed by the pandemic.
During this period, teachers adapted their classes to the virtual environment, academies and institutes opened YouTube channels, eCommerce became even more popular and the delivery service experienced exponential growth.
Keep in mind that SMEs have not been exempt from this situation. Despite these exceptionally difficult times, with closed stores, disengaged employees, and negative balances, companies are streamlining their business strategies to meet the expectations imposed by the market, to maintain their financial stability, and still find ways to continue to grow.
“COVID-19 has opened many windows for us even in adversity. It has taught us to value presence and sharing,” Simon points out. “It has allowed us to get to know each other better and has provided us with tools to achieve the entrepreneurial dream we had in mind for a long time, with a new sense of urgency, sharpening the practicality of every decision we made.”
Thinking about that small, but important, window of opportunity, Simon has decided to provide his knowledge so that there is a clear understanding of how entrepreneurs are adapting and overcoming the main challenges presented in times of COVID-19. Many are still wondering how they might be able to adapt their operations to the challenges in times of COVID-19 and the answer seems to be becoming more and more obvious.
First, it is necessary to know what the main challenges have been in times of COVID-19. The health crisis is the main challenge facing the world in the face of COVID-19. Individuals and their businesses have also been highly impacted in the financial area.
The mandatory stay-at-home guideline affected the revenue planning of most businesses worldwide. Minimizing this impact on your business starts with reducing costs. “Get a detailed view on what items within your business translate into unnecessary expenses. Fixed costs such as rent and electricity payments are often the most difficult to reduce; however, by creating a list of outgoings, you will be able to identify reducible costs,” Simon suggests.
Cultivate valuable relationships, participate in webinars, share your knowledge as a guest author on other blogs, allow space for collaborative activities. Maintain fluid communication; suppliers and customers want to hear from you, send out a monthly newsletter telling them what’s new in your business, plan your digital communications on social media, be consistent in your communications. Inform the rest, that your operations are ongoing.
“Don’t be afraid to take your products to the digital world,” asserts Simon. “The obligation to act in digital space has no expiration date soon. A creative way to deal with this situation is to identify the digital channels that will give your brand exposure on the Internet. For example, creating tutorials for the use of your product on a YouTube channel is ideal to approach interested people. After all, anyone who procures hair dyes will want to learn their proper application.”
We understand that the situation of uncertainty has served to make our insecurities do their thing. However, there are many options open to us as we seek solutions. Performing new planning that contemplates the reality of the pandemic will help you not only to make financial decisions but also to be able to plan based on your reality, what are your next steps to grow.
Take advantage of digital resources. Digital transformation has never been more talked about than now. This process aims to transition a company to digital culture, using technological resources to rethink and improve its production processes.
Look at your metrics on the Internet. The days of making decisions based solely on intuition are long gone. In the physical store, there are certain metrics that are almost impossible to track, for example, the number of people who visit the store during the day, month, or year. In an online store, it is possible to access this information in a practical way and make more strategic decisions.
And finally, keep updated and study the trends in strategies for your market. No brand stays in the market without knowing its strengths, its competitors, and, of course, the trends. It is important to know your target audience, what their buying habits are, and how they evolve over time.