Impact Of Pandemic On Retail Business In India

The covid pandemic has greatly affected the retail stores of the country. These stores were mostly based on people visiting the stores or malls and other places. But the lockdown scenario of the country has hit hard on these stores. Due to the lack of revenue, the retailers are failing to meet their monetary demands like loan repayments, lease rent. It has also led to the retail stores making difficult decisions due to the shortage of funds.

It has also led to the cut off for a large number of employees. Many factors are currently going through the retailers. It is about when the situation will go back to normal, how the pandemic changes would result in the product selling, transaction of the services, environment and many more.

Struggle for the retailers

The retailers and even the businesses started struggling as they were unable to bear the cost and expenditure of the employees. Most people were in isolation and there was no transaction of materials and items. The store retailers struggled to keep up with the norms and demands of the items. People started looking for touchless delivery to prevent the spreading of the virus. But this is tough for the retailers.

Methods to curb the problems of retailers

The spread of the coronavirus has led to retailers adopting innovative methods of earning money. One way is to take up the process of online stores for quick and convenient ways to purchase services and products.

●      Cashless payments: Limiting contact between customer and clients is a perfect solution to avoid the spread of the covid virus. Cashless payment options like e-wallet systems, tap and go payments, or UPI payments is a speedy method of checkout. This will also provide transactions between customers and also prevent the spread of the virus. The process will also reduce the crowd of checkout queues and the customers can also stay at their homes, thus reducing the infection risk.

●      Safety measures publicity: The retailers must inform their clients about the spread of the virus through social media sites. They can also visit the stores for their materials but should wear proper masks and PPE kits and take necessary precautions.

●      Support Local Business Options: Support and community can help you to get through the problems of the situation. Engaging with other businesses and running cross-promotions will help to engage with the target customers. It will also bring goodwill to the businesses.

●      Online communication: Since many people are spending their idle time at homes, engaging them with their mobiles and laptops, they can communicate with the customers. It can be done through emails, and other networking sites and also include promotions on safety protocols.

Summing it up

As the covid situation lessens over time, the retail stores can regain their normal functionalities. But with the use of the latest technologies and market policies, the stores must also adapt to online marketing. It also helps to generate immense revenue for the company. Online purchase will also help to maintain the safety protocols and ensure regular work.

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