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How businesses should adjust their business model during COVID-19

From the CEO's Desk

Now more than ever, online is a vital method of commerce.

The global pandemic of COVID-19 has created a wave of uncertainty that has been felt across the world. Despite the effects this virus continues to have on people, the general flow of everyday life continues.

This leaves people in a bit of a conundrum – how do you keep things normal for you and your family and still follow the general precautions so everyone stays safe?

hop on the bandwagon

Many people have made use of online purchasing for a variety of items ranging from clothes and groceries to mobile devices and furniture. Now more than ever it’s a vital method of commerce as it’s safer to socially distance ourselves during this time. If you’re unsure about how it all works then ask someone around you (phone calls and Whatsapp calls are best). This way you can stay safe while being educated on online shopping.

Businesses need to jump on this band wagon and offer incentives to purchasing online and staying out of public areas. A way that this can be done is to review delivery costs and offer to either temporarily disable them or reduce for a certain period. This will encourage all of us to stay home and buy all we need online.

We need to remember that we’re in this together and paranoia and panic will never work. Instead we need to keep in our minds that a sense of humanity is key in situations like this and therefore we need to act accordingly.

There may still be people who are not comfortable buying online and that is completely alright – no one needs to feel uncomfortable, especially in times like these. Another solution that businesses could use would be to provide their customers with an option of purchasing vouchers to buy products in physical stores at a later stage.

So people who are not comfortable with online purchasing can get a virtual voucher which they can keep either in a printed copy or on their mobile device. They can only use this voucher in-store AFTER a certain date and not before. This will give people peace of mind but also encourage them to stay at home and out of public spaces.

incentivise customers

It’s also important for businesses to keep their audiences and client base engaged during this time. You can allow your customers to let you know their thoughts regarding your products and price points via social media and questionnaires. To incentivise customers to do this you can offer a prize or voucher at the end. This way you can gain valuable insight into your customers’ general purchasing behaviour and attitude towards your brand without them coming into a physical store.

During this period businesses need to be mindful and understanding, where they look to temporarily adjust their pricing models, encourage customers to buy online or to buy at a later stage.

Want more suggestions and ideas for how to keep generating revenue during this time? Schedule your free 30-min brainstorming session with us now!

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