How to Keep Revenue Flowing Through Our Retail Store During Pandemic?

Views: 258 Author: Site Editor Publish Time: 2021-02-25 Origin: Site

If you own a physical retail store, it is likely that you are being affected by the COVID-19 pandemic. All over the world, the income streams of businesses both large and small, have been disrupted by the coronavirus outbreak, bringing a new round of uncertainty to retailers in various industries.

If your store is a non-essential retailer, you’re likely wondering how you can keep revenue flowing through your business without the ability to serve customers in-store. In addition, only 42% of Americans said that when their state reopens, they will feel comfortable shopping in an unimportant physical store. It is unclear when in-store traffic may again reach profitable levels.

Strategies to Boost Short-term Profits

Let’s discuss strategies to boost your short-term profits while you’re waiting for the pandemic to subside. The first one is a simple option that that doesn’t require much money to get started. Offer gift cards to your customers. If you’re still in contact with your regular customers — for instance, through an email list — it might be a good idea to promote the purchase of gift cards to provide your business with a short-term cash injection. For example, if you specialize in cups, such as cute mugs, ceramic mug, cat mug, etc., you can add beautiful gift cards or outer packing boxes to your products.

The issue with gift cards, of course, is that you’ll eventually have to honor them. This means that once things are back too normal, your business might experience a period of depressed income due to people cashing in their gift cards. Moreover, some mugs are made by designers which feature a unique designing style. For instance, harry potter mug, unicorn mug, personalized travel mug, etc., don’t need to concentrate on its packaging. They can just be packed by a clean and tidy bag. However, it’s unquestionably better to deal with this problem than it is to have to close your business entirely before the pandemic is even over.

Offer Discounts on Some Items

As we all know, store is always having trouble moving certain items, while other products such as cheap stainless-steel tumblers, sports direct mug, wine glass tumbler, glass tumbler with straw, etc., still sell relatively well. You should consider offering discounts on the items that aren’t selling. You are likely to be surprised by how much you can drive up the demand for any product or service by knocking 25% off of the asking price! This can also help you promote brand loyalty among your regular customers, as no one is expecting to find a good sale during a pandemic.

To Promote Preorders

Another option is that we can make measures to promote preorders, which depends on what type of business you operate. If your products and services can be prepared in advance, perhaps you could reach out to your customers to gauge interest in preorders.

Online Channels

In addition, it is a good idea t to create online sales channels for your business, if you haven’t done so already, which means you can create an eCommerce website. Not only will these sites help you reach your existing customers at a time when they might not be comfortable visiting your brick-and-mortar store in person, but they can also help you expand your customer base across the country, or even around the world. In this way, the eCommerce option doesn’t just help keep revenue flowing through your business during the pandemic, but it could also have a lasting positive impact on your business well into the future. If you’re thinking about getting into the eCommerce marketplace, you will likely need some new packaging solutions for your products.