Planning Business Framework With Partial Lockdown Lift
Today's business leaders are appropriately focused on the significant business continuity issues posed by COVID-19. First and foremost, they must protect employee safety while also ensuring financial sustainability, analysing supply chain resilience, and improving vital infrastructure to support unprecedented levels of remote working and online commerce.
During the COVID-19 incident, we all modified our operating procedures. Some adjustments were forced upon us, while others reflect the height of crisis innovation. The workforce and work itself have been reset, as has the employer/employee relationship and the corporate environment. For the most part, the pandemic has had a negative impact on business; for some, it has had a beneficial influence. The epidemic may have wiped your strategy clean (or so it appears), but you've also gained vital experience. Now is the moment to gather your team and apply what you've learned to restructure your company and operational models for a new reality.
The new normal for merchants has brought forth a slew of new adjustments for them as well. Given the present condition of the retail business, many retail establishments have yet to open despite the lockdown, and those that have opened have faced several post-lockdown problems. They are currently studying how to function under partial lockdown.
Omnichannel retailing
COVID 19 has made virtual purchasing more realistic than ever before, and businesses have begun to seek creative ways to improve sales, such as giving virtual trial rooms and video-based sales calls. The merger of offline and online shopping is anticipated to expand further as a result of this. Businesses are experimenting with integration methods in order to improve the consumer value proposition and/or decrease expenses. The emphasis is now on providing customers with a unified shopping experience across various marketing and sales platforms.
Retail environments will be transformed by technology
Technology will drive the next revolution, and merchants must invest in technology infrastructure and endeavour to improve their facilities. From check-out-free shopping to touch-free retailing, technology will speed the business while minimising physical engagement. Retailers should consider continuous technological innovation in the form of apps, automated replenishments, electronic rewards programmes, crowd control measures, contactless shopping, and touchless technology. ‘Phygital' spaces, an amalgamation of physical and digital retail, with the help of virtual reality and artificial intelligence, are slowly making their way into the Indian retail space with a rather bright future. Both online and physical businesses are expected to use immersive technology and artificial intelligence to better understand consumer behaviour and needs.
Shopping spaces will change
Retail shops are here to stay, and they will not only serve as a point of sale for brands, but also as a platform to attract, engage, and keep customers. Retailers want to provide unique experiences for their consumers and are seeking for high-quality locations, which are sadly scarce.
Improving product displays and shop designs will place a greater emphasis on the experience component. There might be spaces devoted to pickup, exchange, and return to help facilitate omnichannel retailing.
Importance of safety and health cannot be overstated
Going ahead, merchants and developers alike should prioritise the health and safety of their staff and consumers. Improving cleanliness and safety procedures, as well as strict adherence to sanitization and social distancing norms, will be critical in regaining customers' trust.
The author is Archana Kumari Singh, Founder, House of Badnore
_20240701175159_original_image_19.webp)
