- Retail Business in 2020
- Preparations for Retail Reopening
- 10 Guidelines for Retail Reopening
- Top 5 Suppliers for Retail Business
- FAQs about Retail Reopening
Retail refers to the sale of goods and services from a business to a consumer for their use. In retailing, a service provider fills small orders for individuals who usually end-users as opposed to large orders for a small number of end-users in wholesale.
Retailing in most cases entails the traditional brick and mortar stores. The items sold by retailers are mostly for consumption, use, or pleasure and the items may either be sold online or over the phone then shipped to the customer.
Retail Business in 2020
The retail industry is a diverse field and involves a lot of industry players, the items that are made available in the retail market include: food, jewelry, apparel, household items and various other small unit items that can be used for day to day purposes.
The retail industry is very competitive and has grown so much over the years. The growth can be attributed to the increased consumer spending which accounts for over two-thirds of the world’s GDP.
The developing economies in various countries are also factors that result in the growth of the retail industry but in recent years the introduction of online shopping has been a top driver for this growth.
2020 was predicted to be a year that sees great returns from the retail industry as consumer spending continued to rise and customers are more attracted to the ease of shopping without having to leave the comfort of their homes.
The COVID -19 pandemic which began in late 2019 and has stretched into 2020 affecting all countries in the world has greatly affected how the retail sector operates.
The pandemic has brought about uncertainty and complexity in the retail industry with some retailers thriving while others are struggling to survive.
With the imposed mandatory lockdowns and social distancing rules, the retail industry has greatly been affected and most retailers have to come to terms with the changes that have taken place.
The changes that have been brought about by the pandemic include:
The Changes in the Business Model for Retailers
Even before the pandemic, the traditional retailing system of brick and mortar model of retailing was slowly losing its allure.
The COVID -19 pandemic has greatly accelerated the shift of most retail stores from solely using physical to drive growth to them including the online shopping options which reduce the need for physical interaction.
Changes in the Cost of Doing Business
Most of the retailers have had to change the cost of doing business with the emphasis being put in online marketing strategies and the creation of websites for retailers that had no online presence.
Change in Demand for Essential vs. What is Otherwise Considered as Non-essential Goods.
The pandemic has slightly shifted purchasing priorities with more people opting to purchase essential commodities.
These changes will have a lasting effect on how most retailers are doing their business and this will result in a shift in the whole industry to accommodate the changes that the pandemic has brought about both economically and socially.
Preparations for Retail Reopening
Since the COVID- 19 pandemics is slowing down, and more research is going into finding a cure for the disease, most retailers are looking into ways to go back into the business and thrive. Some of the preparations being taken to facilitate the reopening of retail stores include:
Implementation of safety precautions by using the safety guidelines that have been put in place by the WHO. These measures include implementing social distancing measures for all customers coming into the store, making the wearing of face masks mandatory, regular sanitization of the stores, and limiting the number of workers in the stores.
Introduction of online shopping options to reduce the number of customers coming into the stores.
Managing demand fluctuations by stocking up on in-demand items. Take stock of your inventory to ensure that your shop is fully stocked.
Confirm on the reopening procedures by consulting with the local authorities to make sure that your business is in the clear.
Ensure that your workers are in good health and are fit to run the day to day operations of the store.
Guidelines for Retail Reopening
With the pandemic creating a lot of confusion and even resulting in a huge number of fatalities, guidelines have been put in place to ensure that the businesses still make profits while protecting the health of the customers. Some of the guidelines that have been put in place include:
- Putting up barriers to separate people from each other this can be mainly implemented in the checkout area.
- Handwashing facilities and sanitizers should be made available for customers and workers.
- Store layouts should be reviewed to reduce the chances of a large group of people being in one place at a time.
- Limiting the number of shoppers in the store at a particular time.
- Introducing a Rota basis for workers to avoid overcrowding.
- Ensuring that the workers are tested and are healthy enough to work.
- Use floor markings to aid in social distancing.
- Fitting rooms for cloth retailers should be properly sanitized and used only when necessary.
- Encourage the use of contactless payments where possible by discouraging the use of cash for payments.
- Remove the option of having touchable demo items to limit the spread of germs and viruses.
To facilitate efficient marketing during the Covid -19 pandemic the best strategies a business should take include:
- Adjust the marketing timelines and campaigns to ensure that the message the customers will receive is sensitive to the current situation.
- Insist on content marketing as a means of reaching a wide customer base the content should be able to communicate how your business is keeping both the employees and customers safe during this period.
- Find out what the customers need and ensure that your business meets these needs with the safety precautions in mind.
- Ensure that you maintain a strong social media platform where you will be able to interact with customers.
- Offer discounts and promotions to help the customers who may be otherwise price cautious in the tight economy.
Top 5 Suppliers for Retail Business
Suppliers are a critical part of your retail business. The process of finding a supplier requires a lot of research on the type of product you want to sell, your target customers, and the price of the products. Finding a genuine supplier is necessary to enable your business to succeed.
Nihaojewelry is the top supplier for several stores offering a variety of jewelry and accessories along with other products. Nihaojewelry offers unique and quality products at affordable prices.
The company takes keen measures to ensure that the products are manufactured using the necessary health and safety precautions to ensure that they are safe for use.
The company also facilitates the shipping of the products at affordable rates and offers no minimum quantity on the products. The online platform is designed to help you maneuver the world of online shopping to make it easy for you to find and purchase products.
Founded in 2005, Chinavasion is a wholesale company that supplies retailers and wholesalers with high-quality products at affordable prices.
The company offers efficient logistics to ensure that the products are delivered safely and quickly to all the destinations that the company operates in.
Rosewholesale is a leading clothes wholesale supplier based in the US that offers high-quality products at competitive and direct factory prices. The company offers first-class customer service with fast and efficient shipping of professionally packed items to ensure the safety of the products.
Pound wholesale is a UK based supplier for wholesale products. The company supplies a huge variety of products at cheap prices to a variety of retailers across the UK and the whole world.
The company has years of experience in supplying products and therefore the main focus of the company is to provide familiar and trendy brands that customers will love.
Mxwholesaler is a leading UK wholesaler that offers heavily discounted stock on a wide range of products including toiletries, health and beauty items, housewares, and accessories among others.
With a minimum order of 1 pound, you can enjoy buying as little or as much as you want to be able to run your business.
FAQs about Retail Reopening
Is it okay to reopen my retail business?
Various countries have come up with guidelines to facilitate the opening up of the retail stores. You need to find out the guidelines that have been put in place and use them to open up your store.
How safe it is to operate my retail business?
Following the correct health and safety precautions that have been outlined will ensure that you operate your business without risking the health of your workers and customers.
Can I make profits after reopening?
Making profits will depend on the type of products you supply and the demand in the market. In this period most people are leaning towards the purchase of essential products but a shift is expected once the pandemic is over.
Is it safe for customers to shop at stores once they are reopened?
If the customers follow the proper health and safety guidelines of sanitizing, wearing masks, and social distancing they may protect themselves and other shoppers from contracting the COVID-19 virus.
The retail business has gone through several changes over the years but it remains one of the biggest industries of the world. The COVID -19 pandemic has currently changed the retail habits of individuals and affected most retail stores due to lockdowns and restrictions that have been put in place.
To thrive in the retail business during this season may be hard but with the necessary information, you may be able to run your business while still protecting the health of your employees and customers.