California wants to have its economy fully open June 15th. Some talk says it may even happen before then. Texas is already fully open.
But what about consumers? Research by Deloitte shows that only 34% of Americans would feel comfortable going to the store again.
Despite unemployment falling from nearly 16% in April 2020 and all the way down to 6.1% in April 2021, Americans still aren’t comfortable letting go of their money. They’re holding tight.
How have all those factors been affecting your retail sales, whether online or in-store?
Well, here’s what you can do to make the best of this situation:
1. Use GIS-Powered Information to Strategize
Are you still using spreadsheets and PDFs loaded with data to make business decisions?
In and of itself, that’s not necessarily bad. But, if that’s all you do to strategize for 2021 and 2022, you’re probably missing out on serious revenue.
In addition, use GIS-powered software dashboard to help you make decisions.
What is GIS?
“GIS” stands for “geographic information system.” So, for example, you could pull up a screen of all your stores in the region or nation, and instantly find out new information on micro or macro consumer trends.
So, you could identify a consumer run on a product specially suited to Houston residents, and then deliver an email to those consumers about your stock left to increase urgency and buying.
2. Study Startups for Innovative Solutions
Necessity is the mother of invention, isn’t it? The new market, as it stands to be for the next 12-18 months, will certainly lead to startups with unique solutions.
Rather than creating a whole new company, you can simply sit back, study some of the new approaches startups are bringing, and then test the same idea in a small-scale, low-risk way in your own business.
Let the startup do the heavy lifting and take on all the risk. You, on the other hand, can study and learn from their mistakes, which increases your own odds of success.
3. Sink More Resources Into Online Sales
Even without COVID ever happening, consumers were shifting to online purchasing. In-store sales isn’t impossible, but it’s going to remain difficult.
Baby boomers, which represent a good portion of our population, are also at high risk to get COVID. And because of COVID, they’re now convinced that buying online is the right move to make.
In other words, it just makes sense to continue to learn how to sell your products and services online. It’s just not going away. And even with society opening back up, people are still scared enough to continue their purchasing online.
Even with COVID’s disruption, you’ll more than likely make it through with room to spare. And now you have a few more strategies in hand to help you out.