For some businesses, the pandemic has been a total cataclysm, taking jobs and breaking businesses apart. In fact, it is expected that we are now in the biggest global recession of peacetime with a real drop in the global economy across many industries such as transport, restaurants, travel and more. However, many small businesses are actually doing better post-Coronavirus with more sales and brand awareness.
The rise of online shopping
Staying at home means we cannot travel, go to retail parks, or sometimes carry on working altogether. However, one industry that is currently flourishing is e-commerce. From panic buying to online shopping, the way we shop has completely changed in the past 3 months. Actually, when faced with a stressful situation, people tend to find comfort in material possessions, this is what we call “retail therapy”. In fact, according to a PR survey, 21 percent of respondents say they are shopping more frequently online.
Of course, it is important to highlight that some businesses do suffer from the current situation, however some niche products are actually selling out on independent platforms and are booming thanks to the current lockdown. Here are a few examples of successful small businesses: homemade cakes, health products, workout apps or pet suppliers. This challenging time has created a true opportunity for growth and financial stability for them. And if you are selling products from these niches, then you should definitely try to push them through social media platforms and other marketing campaigns that you are currently running.
What can you do as a small business owner?
Now may be the right time for you and your small business to start growing your marketing strategies to make the most of the opportunity that the pandemic may be bringing.
Social media should be your number one tool as this is where people connect and share; Instagram, Pinterest and even Facebook should definitely be utilized. You can also find influencers to showcase your products to a wider audience.
Don’t forget to also take care of your delivery service, people may be willing to buy your products but they still expect a fast reliable delivery service, companies such as Parcel2Go are a great place to start as they will provide you with multiple choices.
Of course, be careful with unnecessary expenses and make sure you are cutting costs where you can. If you have an office space, you could ask for a payment deferral, your landlord may refuse but you never know unless you try! You can also contact your suppliers and negotiate on prices.