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What the Lockdown means for businesses
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Eunimart is offering a perfect end to end automation and management platform Free for 30 days with access to 100+ countries, 25+ marketplaces & 25+ shipping & warehousing partners. This is an exclusive offer for those affected by the COVID-19 pandemic and an opportunity to integrate their business with online sales channels, adding to their traditional methods of in-store-only sales.
Every business owner, every citizen of this country has been adversely affected by the Lockdown imposed to curb the spread of COVID-19. The dilemma was to choose between letting hundreds or thousands die or let the economy take a severe beating. Each choice came with its associated drawbacks.
Since we have chosen humanity over the economy, we have to face the turbulence that has ensued. Today we focus on orthodox legacy businesses handed down through the family and who have never felt the need to sell online, implement technology or adapt to the changing times.
Given the current scenario, at Eunimart we encourage such business owners to sit back during the Lockdown and mull upon the idea of integrating online sales channels since the future of the global economy is looking bleak with a very limited scope of revival in this fiscal year and ecommerce could perhaps be like a rainbow in the horizon, a ray of hope for orthodox legacy businesses to make a quick comeback once this crisis dissipates and the pent-up demand overwhelms the markets.
Not a single legacy business owner sounds either confident or happy today. The underlying tone is worried and uncertain when they spoke to us about the present scenario affecting their businesses.
A second generation shoe retailer had this to say; “Business cycle has been disrupted and the entire supply chain has come to a halt. Money rotation will become a problem and we will soon be facing immediate issues regarding the payment of staff wages and salaries. Besides this overhead expenses of rentals, electricity bill payments or telephone bill payments will all have to be met in time and they cannot be offset just because there is no income. Going further, payment to suppliers might become an issue over a prolonged lockdown and stocks may get damaged or their shelf life will reduce. We also have the fear of staff getting dispersed due to various reasons if businesses are under lockdown over a longer period. Finally, it will take a long time for businesses like ours to kick start and will not be helping the already slow economy.”
A first-generation owner of a business providing corporate housekeeping services from Chennai had to say that she is facing a situation with no inflows but “we have outflows to keep our migrant workers with food and shelter. This particular crew is totally dependent on-off contact orders. Annual contract customers may now pay partly or fully depending on Government directives.” It is in such cases that ecommerce can light up the way by providing easy solutions to tide over the crisis. The important message here is that we at Eunimart are all geared up to provide assistance where required.
Eunimart is offering a perfect end to end automation and management platform Free for 30 days with access to 100+ countries, 25+ marketplaces & 25+ shipping & warehousing partners. This is an exclusive offer for those affected by the COVID-19 pandemic and an opportunity to integrate their business with online sales channels, adding to their traditional methods of in-store-only sales. This would ensure scalability and management is easier with centralised command over operations and automation in one platform, something hitherto unknown to the legacy orthodox business owners. But the time has come to rethink strategies immediately and Eunimart is ready at hand with solutions just for you.
The time has come to reassess business strategies and improve upon digital capabilities to start with. The end goal is to tide over the crisis and keep satisfied customers not to forget that priorities and value propositions need to change. Experts opine that “Retailers of all types must be prepared to act quickly to mitigate the impact of such turbulence, while also learning from the experience of their counterparts in China and other severely affected countries. And even as they strain every sinew to address short-term disruption, retail executives also need to begin medium-term planning for an eventual recovery.”
A possible scenario for orthodox businesses or challenges today are: Demand becomes more than the supply Family-run restaurants suffer the closure, are not able to either bounce back or pay salaries due to the cash crunch
Traditional stores, the lifeline of many families suffer huge losses Service industries are suffering huge losses with salaries to pay but no work due to social distancing. It is, therefore, time now for all activities to migrate online to prepare their businesses for any disruptions in the future. As researchers at Bain and Co. say, “Retailers of all kinds can partially compensate for reduced foot traffic by accelerating online fulfilment.” Which means suppliers should be able to ship inventories in critical categories strategically to stores for pick up or to fulfilment centres. Workforce shortages could be a potential problem and it would be wise to sell online and redirect marketing resources to the same channel as well. That is the best bet and the survival mantra during these times and Eunimart’s solutions are at hand to help you implement the same.
Embrace the change and take decisive actions to empower your business so that future disasters can be managed with minimum damage to your business.