Adapt Your Retail Business and Thrive During the COVID-19 Economy

The Covid-19 pandemic has created an uncertain economy that has affected certain sectors more than others. Retail businesses have taken a hit as consumers have less disposable income and in-person shopping carries new risk. Yet, people are still shopping this holiday season! They’re just doing so in different ways. Making some small, manageable changes can help your retail business thrive as we continue to navigate the new normal.

Match Inventory to Customers’ Needs

Spending habits have changed in the past several months. Priorities have shifted, leaving certain types of retail businesses vulnerable. For example, in a recent survey, 67% of respondents admit to spending less on clothing than they typically do. This doesn’t mean shoppers are only buying essentials. Consumers are increasingly looking for entertainment like electronics, games, and at-home fitness equipment. For those with apparel or speciality retail shops, diversifying inventory is a crucial step towards thriving during this new economy.

Go Online

Pre-COVID, certain types of items were only purchased in person. Take, for example, food and beverages: Before the pandemic, less than 10% of food sales occurred online. Today, that’s increased to 45%. The simple act of popping into a convenience store for a soda is now a risky activity. Giving your customers the option to purchase online and offering a low-contact pickup option is a beneficial change every retailer needs to make.

Offer customer solutions

As they say, necessity is the mother of invention. With certain items frequently scarce during the pandemic, 75% of polled customers admitted to experimenting with new shopping habits. In times of crisis, proximity and convenience become more important than brand preferences. Now is a great time to bring in new customers by providing hard-to-find essentials like cleaning products and personal care items. Here on Wish Wholesale, we carry Consumer Packaged Goods (CPGs) that you can offer to customers and drive new business.

Show shoppers you care

Customers are more value conscious during the pandemic, but there is also evidence that they prefer to shop at mission-driven companies that care about them. To increase sales and customer loyalty, show shoppers that their health and safety is your top priority. Implement a mask policy, post signs that detail your updated cleaning protocols, and consider sectioning off the floor into 6-foot grids.

The past several months have refined how consumers shop for their wants and needs. Make sure your retail store has made smart adaptations, and your business will continue to grow despite uncertainty.

To learn more about how Wish Wholesale can help you diversify your inventory and adapt your business, click here.