With significant chunks of population in lockdown and more being added every day, the landscape of commerce is changing daily. Foundations that companies have built their market upon are crumbling away and new pillars are emerging. How long will social distancing last? Will this be the new normal? How will this period of intense isolation shape the future of e-commerce?
Here are some things you can do now to ensure that your business is properly positioned to maximize revenue and market share in this turbulent time, and prepare for the expected long-term e-commerce shift and what it means for your brands.
Confirm your Supply Chain
Many factories or processing facilities have shut down or reduced staff amid the current lockdown. Some are converting to producing supplies needed to fight COVID-19. It’s essential that as you develop a plan to continue business in the current climate that you understand precisely what your supply chain looks like and what you can expect from your suppliers.
Be Transparent with your Customers
Everybody understands the situation. Transparency is critical right now. Make sure your customers are clear about your ability and availability to deliver on your promises. Communicate clearly and often about
- Delivery delays,
- Out-of-stock products,
- Warehouse activities to retain cleanliness, and
- Other important updates
If you provide a clear promise and deliver on it, you will be separating yourself from your competitors, supporting your brand’s reputation, and encouraging customer loyalty.
Re-evaluate your Customers and Opportunities
Don’t assume anything is solid, even signed agreements. Now is the time to conduct a data-driven assessment of your customers by product, channel, and geography, including a full pipeline review. It is also a great time to consider investments in your strongest and most strategic accounts and to look closely at renewal and cross-selling opportunities.
Nurture your Existing Customers
Reach out to your strategic accounts. This will demonstrate strength, show them that you value their loyalty, and re-assure them that your partnership is important. Reset their expectations if necessary, but be empathetic. Work with your partners and premier customers to ensure that opportunities are prioritized appropriately.
Explore New Customer Options
Customer buying habits are changing across the landscape. In retail, commerce is almost 100% e-commerce now. But that’s not all that is changing. Even manufacturing and service industries are changing. Sales reps can’t go out to clients anymore, all services must be rendered remotely. The time to equip your sales team with remote selling technology is now. This can also be an opportunity for growth if you have the correct e-commerce infrastructure in place or can get it quickly.
Re-think your marketing strategy
Once you have a better understanding of the true opportunities in your existing customer base, and have an idea of where new customers might come from, it’s time to take a solid look at your marketing strategy. Re-evaluate every dollar spent to ensure it is still maximizing the revenue potential based on the opportunity climate.
Companies need to leverage all of their assets to sustain and grow customer demand. This includes looking at options for boosting digital marketing efforts. The best leaders are going to look at a holistic advertising approach. One that aligns marketing and sales to better understand the customer needs and offer value throughout their journey and lifecycle.
The most recent predictions show that the digital side of business will grow faster than previously projected. With so much unknown, one thing is certain...the current shift toward e-commerce is here to stay.
Industry-leading brands must be proactive
Schedule a personalized consultation with our e-commerce experts to learn how you can benefit from commerce software and strategy.