Many economists have determined that many countries have already entered a recession due to massive lockdown amid the coronavirus pandemic. Much of the focus of many companies over the past few months has been on creating a remote work environment.
We had a close conversation about the future of the e-commerce industry in India with Astro Strategist cum Business Astrologer Hirav Shah, who is famous all over the world for his immaculate astrology knowledge and right now working with major multinational companies from the USA, Europe, England, UAE, India, etc., for their existing and new projects to increase certainty and to make strategies, Hirav Shah tells us that there is no denying that digital brands have seen a major impact on their operations and returns. The eCommerce industry is the one to experience significant disruption due to the irregular supply chain and declining sales of products as consumers focus more to spend money on necessities over extravagance.
No one can deny the fact that the impact of this serious pandemic will likely be felt for many months to come. This will get eCommerce companies to face major problems in survival. They will continue to face new changes that can either turn great opportunities or become more potential stumbling blocks. Hirav Shah specifies that if you are running an eCommerce company and worried about its future, you will need to implement a few strategies to lessen your risks and improve chances of lucrative opportunities.
Create A Solid Brand Marketing for An Improved Presence
A strong brand is the foundation of an eCommerce business. Most of the companies might have stopped their marketing since the day lockdown was functional in the country. The companies that continue to perform well during such hard times are those who are working to win the trust of their customers. They have been effectively communicating with their customers to form an emotional bond. While a certain aspect of messaging may change during these events, do not deviate the core identity of your eCommerce company. With the help of the best eCommerce marketing agency, your brand can reflect its purpose to garner value of emotions, have a lasting impact on the behavior of your customers, and maintain consistency through various digital tools, channels, and practices. The company will help you reach places where customers are more ready to buy products like yours.
Find Out Different Ways to Value Your Customers Uniquely
During the events of recession, many customers are willing to make purchases than they generally would. According to a recent finding, many customers will expect to adjust their financial habits for many months. All through these stay-at-home restrictions, this area began to lift rapidly. In this scenario, eCommerce retailers should find different ways to provide their customers with instant value.
Accept that this time is a low-revenue period. You can make some efforts that can help them memorize your name and get back to you over and over. Your offerings should be based on special sales and discounts on products. This may include waiving shipping charges, offering a free bonus, focusing on price point, delivering better quality, paying more attention to customer support, and more.
You can start this by targeting your existing customers because it takes 5 times harder efforts to acquire a new customer. Focus on retaining your existing customers while keeping economic hardships in mind.
Cut Down Overhead Expenses and Reinforce Your Margins
One of the best things about a sincere eCommerce company is that it always casts one eye on the future and strategizes its sales in accordance with the situation. They pursue aggressive expansion in good times and they manage their burdens in bad times. In these times of potential financial setbacks, keeping your operations lean will make your company a winner of difficult times. If you haven’t thought about how you can plan, start from reducing costs and overhead which is certainly the key to long-term survival.
Prefer drop-shipping model over warehouse storage to maintain a pace in your expenses. It will offer you economical consistency to plan sales for the coming times. Try to outsource certain tasks to external agencies and freelancers. This effective reduction of overhead would not make you sell many products to make profits. You can also make positive margins even if the sale is slow. With all these moves, make sure that you do not compromise on the quality of products.
Follow the New Growth Model to Improve Your Economy
Today, when the world keeps shifting and changing after the rise of the COVID-19, companies are jumping on the movement. Among various opportunities for companies to become decentralized in the phase of social-distancing, the sharing economy is a new growth model for many eCommerce companies to survive. Many eCommerce companies have already adopted the method to create an improved financial and operational structure. It improves the accessibility of products and enhances operations to welcome incredible growth. You can implement this model for the betterment of your future, sustainability, and profits. Gradually but surely the model will assist you with the entire structure of your business.
Hirav Shah elaborates by saying that all the above-mentioned strategies can help to create a footprint and follow them for great existence. However, these strategies may take a little longer time to display their results. He says that you can combine these efforts along with the help of an eCommerce marketing company and also take the help of an astro strategist who can guide you all the way to success. A combination of e-commerce business principles with that of Astrology and the science of movement of planets, especially Mercury, Moon and Jupiter guides us on how to strategize each step in business. He concludes by listing down the benefits of Business astrology.
Benefits of Business Astrology, Business AstroAnalysis and Business AstroStrategy
- It helps to give you certainty in Business
- It helps you find out Forecast of ROI, Profit, Sales etc
- It provides you more opportunities
- It guides you to strategize and execute Marketing and Sales strategies
- It gives you FREEDOM to think ahead of your competitors
- It enables you to discover the strengths and weaknesses of your business…
- It helps you to STOP worrying about how to make your business succeed and achieve set goals
In the past, Astro consultants were referred for a business to resolve critical or existing situations. But now the term AstroStrategist is being used during a corporate framework as a performance coach.