This article was published on: 31/07/20 3:30 PM
Top 4 key strategies for eCommerce and Retail industry to implement post Covid 19
“It is not the strongest of the species that survives,nor the most intelligent,but the one most responsive to change.”
– Charles Darwin
The survival of businesses has become the top priority after the economic slump created by the pandemic. Affected services may take some time to get back to the normal cycle of business even after the lockdown period is over and so, however, it is evident that the graph will rise once people are back to their daily routines, not being restricted to stay home anymore. And to strategize around such possible behaviour of consumers becomes highly important.
It is a common looming question in every entrepreneurs mind now to look for answers on how to proceed once the lockdown is over and we at Expand ERP have incessantly been monitoring the situation, taking updates on all new establishments, figuring out ways by which SMEs, brands and e-commerce retailers can cope up with the effects.
With the following top 4 strategies you can plan out a road map to a sound future of your retail business.
1. Complete digitisation for Supply Chain Operations
Complete automation of supply chain operations has always been a top priority for most businesses to speed up processes and reach exponential growth, but now it has turned into a necessity.
The most important aspect of getting eCommerce businesses back on track will be strengthening of your inventory,warehouse and logistics processes. Automation of warehouse operations and real-time updates of the delivery progress helps companies focus on rapid actions ensuring there are no cases of out-of-stock items or delayed deliveries. Expand ERP WMS keeps a track of your inventory even when your business is stopped and gives you real-time data.
Constant checks on stock-keeping units, SKUs, maintenance and uninterrupted order processing are all positive aspects of onboarding automation. Delivery of items, all the way to the last mile can be done by implementing specific logistics guidelines, which include technological driven support such as live updates and efficient tracking of products, delivery through drones managed by a team sitting remotely at various locations and turning inventory systems digital.
As ‘contactless deliveries’ have become an essential trend to ensure the safety of both employees and customers, enabling doorstep deliveries will ensure a happy customer experience along with loyalty attached to the brand. This could be achieved by integrating with high-end logistics partners that ensure efficient management of orders and deliveries will prove beneficial. Expand ERP – India’s best ERP company has integrated with third party logistics like Blue dart and Shiprocket for your easy and convenient deliveries.
2. Shift to Omnichannel Commerce
Multi channel retail,although new to the Indian market, has now gained traction and continues to be adopted by major brands and businesses. The lockdown phase could not have made a better case for this method to be implemented as increased demand for essential goods and services can be Pre lockdown, the eCommerce volumes in India have seen a 51% increase in the overall consumption, making it the highest amongst other countries around the globe in terms of online shopping. A smartphone in every hand, with hundreds of platforms to buy from, all contributed to this huge flow of demand and consumer growth was seen throughout this time making it more critical for businesses to practice omni channel presence to ensure a consistent approach to manage orders, inventory and retail stores post the lockdown period.
The brands that implement omni channel sales have not only seen an increase in sales, but ensure that the hyperlocal delivery model enables enhanced customer experience leading to increase in brand loyalty.
3. Diversifying Supply Sources
Owing to the lockdown, there has been a huge gap in product sale and services which has caused overstocking in warehouses and manufacturing plants and these stocks need first attention as soon as operations go back to normalcy. To control having dead stocks it is viable to prioritize stocks as per their date of expiration which will help in a regular order processing cycle.Items which have shelf life need to be disposed earlier with urgency to avoid wastage.
Apart from that, the drawback of having only a single source for supplies has resulted in stock outs for the demanded services as well, and so focusing on finding multiple sources of supply will enable you to handle situations like these in a better way in the future.
However, consumer’s demands will increase gradually and once that happens you will need to be ready and updated with all your stocks to avoid any further delays. Thus, it is imperative that the warehouse management solution that you implement should provide technologically advanced features such as Batching, FIFO and Cycle Count to ensure that your warehouse operations will run smoothly and restrict any more interruptions in your business. Expand ERP software provides such facilities through the ERP system and ensures hasslefree warehouse management.
4. Increase your Customer Service Management
In current times there is nothing left to be unique other than personalization. Each and every customer needs to feel that they are important and can reach out to your business with all their issues. Customer care support has been a part of organizations for long but the change in dynamics caused by social distancing and people being stuck up in their homes, the burden increases as customers would have a lot of time in their hands to register their concerns, and your lack of connection can prove futile. Thus, a friendly customer relation is crucial to maintain old as well as new potential customers.
Brands need to incorporate strategies that will help them create a strong social presence and focus on developing products and services based on consumer requirements. The customer care systems will have to incorporate a deep and highly integrated backend system and this will be possible by introducing ERPs/CRMs that are deeply integrated with order and warehouse management systems to ensure real-time communication with consumers and drive focus to what services are highly required from your end to the consumer. These practices will not only save your business but help it venture into better business opportunities.
Restoring to normalcy will surely take time, but with the right tools and solutions by your side and a well-planned strategy plan to lead entire supply chain operations , it will surely help you build up steadily.
Expand ERP – India’s best fit ERP software for mid sized manufacturers in the export and retail industry has constantly supported all MSMEs to focus on restoration while being the one-stop technology solution for all daily business operational requirements. We have completed 15 glorious years in building trust and faith in our patrons. We have successfully partnered with many businesses in Kolkata, Delhi, Bangalore, Mumbai, Jaipur and in other cities. We will maintain our goal to spread the latest trend in technology to as many organisations we can reach out to. Our team will focus relentlessly to spread awareness and touch the lives of business owners and help them reach their goals. If your goal as an entrepreneur is to achieve great heights for your company, Expand ERP Cloud based software is your ultimate route to the peak. Please leave a comment below for more enquiries and information.To book a demo call 9007026542