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article imageFour strategies for retail stores to survive the COVID-19 wave

By Tim Sandle     Jan 20, 2021 in Business
For retail it will come as no surprise that 2020 was a uniquely difficult year, with some of the worst economic data in history recorded. Leading analysts present a recovery strategy for the outlet sector.
The coronavirus pandemic and the necessary restrictions put in place by governments around the globe has dramatically reduced foot traffic across all manner of brick-and-mortar stores. As things stand, the retail economy has relied heavily on e-commerce options to stay afloat.
According to analysts at Zenreach, taking the U.S. as an example, then foot traffic dropped significantly during the first months of the pandemic. Then with the summer relaxation, many in the sector were able to mount a recovery and overall the sector was able to claw its way back to roughly 50 percent of 2019 numbers.
Yet things have changed again. With increased COVID-19 cases, that struggling recovery appears to be in jeopardy again. With so many traditionally brick-and-mortar stores looking for ways to survive in the initial months of 2021, Zenreach has provided Digital Journal with some considerations that retail outlets can adopt in order to remain competitive. These strategic measures are:
Continue stringent health and safety measures
Sanitizing surfaces, limiting store capacity, implementing required mask policies (and enforcing them), and adopting contactless payment options are the most critical components of this strategy.
Communicate your health and safety measures
Clear communication is a critical component of any public health plan. Be open with your customers about what steps you’re taking to keep them safe in order to assuage fears.
Turn to data to connect with your most valuable customers
Your best customers are the lifeline to surviving through the next few months. Use data on walk-through rates to identify your best customers and market directly to them.
Boost online marketing
Online marketing, especially that backed by real walk-through data, will be a lifeline while most people hunker down in their homes. Take advantage of lower advertising costs and record high engagement to optimize your marketing. Having a digital touchpoint might help retailers meet minimum consumer expectations.
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