The global coronavirus outbreak has been the Achilles heel of 2020. With job loss and drops of sales figures at an all-time high, the business weather forecast has been gloomy skies. What’s worse is that the situation is highly unlikely to improve anytime soon.
However, the question remains: will the COVID-19 pandemic bring along an unrecoverable disaster or new opportunities for retailers dealing with this new norm that we are currently finding ourselves in?
Although many retailers and merchants are struggling to stay afloat, one revelation did arise from this pandemic: the need for retailers to embrace new technology and digital tools to sustain their business in the midst of crisis.
The Need for Newer, Bolder Strategies
F&B outlets, as well as a myriad of other retail outlets such as beauty parlours and hair salons, traditionally relied on offline sales to sustain their business. However, the restrictions enforced as an effort to curb the continuous spread of COVID-19 has seen sales figures drop significantly. According to Trading Economics, Singapore’s retail sales have dropped by 27.8% year-on-year in June 2020, which serves as evidence that businesses, especially brick-and-mortar stores, will need new strategies to boost sales and remain sustainable.
The COVID-19 pandemic has forced many retailers that used to rely on walk-ins and foot traffic to turn to digital means to engage their clients. The focus to bring their business online and drive traffic virtually leads to an increased need to utilize digital tools like CRM software, loyalty programmes, and customer engagement campaigns in the efforts to capture the attention of customers and generate prospects and leads for you.
Digital Tools to the Rescue
Statistics portal, Statista, projects that revenue generated from e-commerce is estimated to reach US$2.401 million in 2020, while online users are projected to achieve 3.1 million users in 2020. Retailers should leverage on the increasing popularity of online shopping to increase their presence in the digital sphere. Virtual loyalty programmes such as membership promos, discount codes, and online vouchers have become indispensable tools for retailers to retain existing customers and attract new prospects.
On the other hand, analytics and insights are becoming more important than ever to understand consumer behaviour. Online users today are being bombarded with countless offers and promotions daily, thus being able to understand their needs, likes, and preferences gives your business an upper edge as you will become more relevant to your target audience.
Moreover, customer relationship management is also a priority for retailers today. As quoted by Shantanu Narayen, CEO of Adobe, “Customers are seeking phenomenal experiences. The sum of the experience is what stays with them and builds affinity, therefore influencing where they spend money and time”.
How Advocado Can Help Retailers
As a CRM solutions provider that has been actively partnering and collaborating with F&B merchants and retailers in Singapore, Advocado is aware of the needs of today’s retailers to not only sustain their business, but thrive through adversity. To this date, we have supported over 800 merchants across Asia, including Singapore, Thailand, and Malaysia across various industries to continue engaging new and existing customers, strengthen customer management, and increase revenue. Our track record – 20% increase in revenue, 38% rise in returning customers, and 110+ million in total revenue generated thus far.
Advocado offers a full suite of CRM software and customer loyalty campaigns to help you bring your customers back again and again, eventually turning them into your brand advocates. Our proprietary CRM software is equipped with easy-to-use interface and features dedicated to help you continuously engage clients before, during, and after sales.
Advocado gives retailers the essential toolkit needed to fulfill your needs, be it accelerating your sales, retaining customers, attracting new prospects, Advocado has you covered!