While many retailers and Irish SMEs are either forced to shut their doors or are struggling with cash flow issues, others are thriving despite the current climate.
What’s their secret? How are some brick and mortar retailers and SMEs bucking the trend of declining revenue and averting the financial burden that has struck so many micro-businesses and using technology to draw in new legions of committed customers?
In this article, we will look at the retailers who are finding a new way to succeed in retail, and consider how traditional retailers can embrace new opportunities to grow their customer bases and weather the storms battering our high streets
With increasing store closures and e-commerce growth, there are a lot of unknowns about the future of brick and mortar retail. Although 80% of purchases are still expected to happen in-store by 2020, there’s growing uncertainty among retailers large and small about how to keep up with consumers in an increasingly digital shopping environment.
With the second phase of lockdown in place, restrictions have seemed to curb the festivities that the season brings with itself. While this translates into heavy losses for businesses, especially the retail sector, recent articles point out how some brands might remain open for extended hours, considering greater staff, customer safety and making up for the loss in these few weeks.
So, what happens to the smaller retail shops?
While a majority of them have voiced their concerns stating how they’ve been shut for a considerable period over these months, everybody has eventually adopted the ‘online’ way of working- Creating a website has never been easier. With the trading grants announced by the government for such eCommerce initiatives, businesses, though finding it a little difficult at first, have now switched to the digital style of transacting.
Some DIY artsy ventures have now been set up on Etsy, enabling easy and quick shopping experiences. Amazon Marketplace is emerging as a great platform to market online. While such new ventures may seem daunting, businesses have been proactive in devising fresh ways, testing, learning from their failures and getting back to work on starting anew. After all, it’s always ‘survival of the fittest’.
A website on Shopify or Wix doesn’t take time. We do understand how difficult it is and hence endeavour to cater to your needs- Have a look at our services to know more.