As retail stores in many parts of the world grapple with the current challenges of the COVID-19 virus, there are some positive signs coming from China as their workforce slowly begins to recover. For example, Apple has reopened all 42 of its retail stores there.
Adapting to current conditions is a day-to-day reality right now. But, in the future, when business picks up again, how can you best position your retail business for success? Here are a few insights.
Smooth the waters now as much as possible
First, deal with the short-term challenges, including making decisions on pricing and purchasing. Things you can control:
- Ensure your pricing stays reasonable. Set consumer purchase limits and controls for surging products and be on the lookout for scammers.
- Support your workforce as much as possible. This may include increasing sick leave, supporting remote work and thinking about third-party labor options, where appropriate.
Sailing ahead
When the crisis begins to relax its hold on business, you can start to look toward a brighter future. Here are some things to focus on:
- Improve communication and collaboration across the board
- Take a hard look at the state of your business before the virus hit and identify any weaknesses—then look creatively for opportunities to change things up
- Determine if you're really using AI to the fullest; if you're not, it's a good time to put a strong AI plan in place
- Take the time to assess your in-store customer experience: Send surveys to your customers asking what improvements they'd like to see in their shopping experience
For many, it may seem like "business as usual" is a long way away. But whatever the timing, a little bit of preparation and forward thinking (not to mention strategic hindsight) will go a long way.
In a time of uncertainty, count on NCR
Our retail solutions experts are in the trenches with our customers, working hard to help provide guidance, solutions and recommendations.
You can find us at NCR.com/retail, have us call you back, call us in the U.S. at 1-800-CALL-NCR or call outside of the U.S. at 1-937-445-1936.
