4 strategies to help your business navigate through tough times

The pandemic has spurred a global economic slowdown. The world has literally changed, and it is safe to say things will not be as they were. Despite the world working round-the-clock towards a solution, we are still trying to figure out the new normal.

How would you look at it as a business owner? 

The famous Marcus Aurelius’s thoughts are, “The mind adapts and converts to its purposes the obstacle to our acting. The impediment to action advances action. What stands in the way becomes the way.”

Let's dig deep and shed some light on it! The whole pandemic has majorly boosted e-commerce and digital growth. It’s interesting to see what this had done to the business world. In fact, recent data shows we have vaulted five years forward in consumer and business digital adoption in around eight weeks. Now, that is amazing!

We have been looking at trends very closely and heard from businesses that have successfully taken on the challenge. There is a way back to recovery, and here are 4 strategies that can help.

Make your customers feel safer

Just like you, your customers are highly concerned about safety, which is obvious, and we see the change in how they pay for things to feel financially safe.

The Visa Back to Business study that surveyed over 2000 small and medium businesses (SMBs), and 4500 customers across 8 markets in the world, including the UAE, found that nearly 63% of consumers would switch to a new business that offered contactless payment options. 

The study also found that 48% of customers would not shop at a store that only offers payment methods requiring contact with a cashier or shared machines like card readers. (1) 

What can we take from these findings? Customers have adapted to digital faster than anyone anticipated, and hence as retailers, you have to ensure safety.

Shop now Pay later with cashew is a great alternative option for customers as they can pay digitally. Furthermore, it's a reputable and secure payment method, which would draw customers to it, in turn, pull them to your business and store.

Accelerate your digital transformation journey

As we saw, the e-commerce sector has seen huge unexpected growth in the past few months. This trend is expected to continue as consumers would still be reluctant to visit physical stores as viruses and sicknesses keep creeping up regularly. 

As a retailer, you should accelerate your digital transformation journey and jump on the bandwagon if you still haven't yet! 

Meet your customers’ rapidly evolving expectations, and they will stay with you! Retailers are already upgrading and offering options such as contactless payments, point-of-sale financing, and integrating digital wallets into their checkout options and payments. 

Become truly customer-centric

Everyone says that their customers come first and there has been a paradigm shift in customer behavior and preferences, many of which will be permanent. 

Showing your customers they are at the center of your business would lead to much-needed trust and sustainable growth. Brands need to deliver on their values. At this time, customers are looking for brands they can trust.

Step into your customer's shoes, to understand the challenges and pains they are experiencing because of this new uncertainty. Possible financial constraints and safety concerns are big. Once you truly understand this, you will be better positioned to build offerings that meet these needs and wants. 

A few ideas that retailers around the world are already implementing will inspire you as well:

• American Apparel has done wonders with their entryway displays that displayed a lot of apparel with ‘welcome tables’ that present bottles of hand sanitizer, disposable masks, and sticky blue mats that clean the bottom of shoes.
• Pandora has brought out their jewelry-cleaning machines to the sales floor so that employees can be seen cleaning and sanitizing every piece after it has been tried on.
• Alibaba’s grocery retailing chain, HEMA, has added new information about the person making the ‘last-mile’ delivery.

Make it easier for your customer to pay for your products

The pandemic has negatively affected people's finances. That does not only translate to lower earnings, but a strong trend indicates that people are saving at a higher rate. 

This gives retailers the perfect opportunity to show their customers how they can save money by offering them discounts, loyalty rewards, or flexible payment options that empower them to choose how they would like to pay over time. 

Studies have shown that when customers can split purchases into smaller, more manageable amounts paid at set intervals, it increases sales for retailers, through increased conversion rates and higher AOV (average order value).

cashew is extremely flexible with installment payments that customers would love when offered at your stores, as they would be able to split their payments.

Get into the driver's seat and start implementing these methods in your store. Whether in crisis or stability, partnering with cashew would be a super huge deal for you as you see your sales numbers rising! 

Benefit as your business draws more customers daily when you adopt BNPL payments and stay better prepared for the future with cashew. 

Reference: 

(1)https://usa.visa.com/dam/VCOM/global/run-your-business/documents/visa-back-to-business-study.pdf 

https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/global-surveys-of-consumer-sentiment-during-the-coronavirus-crisis