As the coronavirus outbreak is escalating, governing bodies globally have imposed heavy restrictions on a number of businesses, and this gap is further accelerated with quarantine procedures, lockdown, and curfews. The postponement and months of lockdown have adversely affected various businesses all across the world which is inhibiting the revenue generation.
Missed business activities/ opportunities due to the pandemic
Coronavirus has already collapsed the economy in an unprecedented manner along with adversely affecting the businesses. Months of combat and lockdown has resulted in unsettling and uncertainty among the businesses. Most of the organizations have confirmed reducing manpower in order to deal with the situation. It is due to the fact that business owners are already reeling under heavy financial stress. Even we haven’t heard from our favorite brands (Starbucks, Amazon, Flipkart, Walmart, etc.) for weeks.
Let us walk you through them briefly:
- Starbucks – the coffee giant has extended the closure however, they have sweetened the deal for their employees by continuing the payments. It has faced a 47% drop in the second-quarter profits this year.
- Flipkart – This platform has suspended innumerable orders and is keeping its customers engaged with activities like cooking classes, fashion advice, health, and fitness, etc. Clearly selling and purchasing are out of the context and customer engagement is the focus.
- Walmart – since January Walmart is facing a constant decrease in sales due to the heavy shift of eCommerce. The supply chains and demand of Walmart are under the critical adoption and above that the pandemic situation isn’t helping the purpose either.
- Amazon – all the summer deals and surprises have been dismissed due to a lack of consolidation and outbreak. In the worst-case scenario, it is speculated that Amazon will more likely get a hit around $100 million. It may not resume the sales until the new normal is back.
In order to keep the users engaged various brands are trying alternatives like engaging the customers with information, quizzes, games, puzzles, etc but certainly not selling the products.
How to Deal with your Customers during this Pandemic:
In order to relieve various platforms from heavy burdens, the government of respective geographies has released a list of essentials (this is to manage the workflow and product). However, the giants mentioned above do not deal with such products and this is the reason they have been hit hard due to the virus. The coronavirus spread has made customer retention and stabilization a crucial metric in order to bounce back to the business once the lockdown is lifted. By adopting the listed measures you will be able to roll out your business to the most.
- BE READY TO FALLBACK – When the pandemic will pass businesses are more likely to bounce back with an immense rate. All you have to do is to be prepared to grab the opportunity and a small window to leverage the cause for you. The majority of your workforce might be dispersed and the following work from home. It is key to get everyone together and follow the common vision of the company.
- BUILD STRONG CONNECTION WITH YOUR AUDIENCE – At present, you should only look into maintaining a helpful and strong connection with your customers. Do not miss an opportunity to cheer them up and help them focus on relevant things. Empathy should be the key driver of any communication you do.
- RETAIN AND LIMIT NEWBIES – As soon as the lockdown is lifted do not get overwhelmed with customer retention. In the initial phase make sure to facilitate everyone and try not to impose heavy discounts or offers. Keep the communication flow smooth and not surprise your audience with too many uncertainties.
- EXPLOITATION IS THE WORST OUTCOME – Since the outbreak, we all have heard ugly stories of businesses exploiting fear of their customers. It is not a wise measure to take and it will bring your platform in a hotspot in the big picture.
- REACTIVATE CHURN USERS – During this problematic period, there have been various highs and lows in the minds of customers. All these forces have adversely affected their purchasing habits from their so-called favorite brands. Irrespective of the situation and customer churns, take all the measures possible to reactivate your audience once the normal is back.
The Bottom Line
The pace of pandemic escalation on business can be controlled with few obligations that are not too hard to follow. Businesses all across the world (irrespective of their scale and size) have suffered from heavy impacts of Coronavirus. The online shopping segments have almost frozen since the outbreak. However, a few platforms are trying their best to keep their uses engaged through informational content, gaming, or entertainment sections.
We have to pass through this phase and like many episodes, in the past, we will grow stronger as brands and will be able to handle our customers in a more sensible and meaningful way.