How to keep your business running despite COVID-19!
The coronavirus has been declared a global pandemic and is having a major impact on every individual and our economy. While we don’t have all the answers, we are doing everything we can to provide guidance to our customers and SMEs in Switzerland.
Due to the declaration of an “extraordinary situation,” many businesses are forced to close their doors. One of the biggest concerns now is how to compensate for the lost revenue. Below, we’ve compiled some tips and tricks.
What you can do as an entrepreneur
Sell your products online
These challenging times are forcing businesses to get creative. Companies of all sizes and shapes are now turning to eCommerce. Those who sell their products online now can counteract the loss of revenue. Are you also taking advantage of the opportunities offered by online retail? Setting up a shop is quick and easy. Upload a product photo, add a description, enter shipping options, and select a payment method. Your professional online shop is ready!
“My products cannot be sold online”
Are you sure about that? We’re currently seeing many wonderful examples of creative ideas in a wide variety of industries. A middle ground is never ideal, but it’s worth a try.
Example: Gastronomy
The restaurant is closed, but your regulars are still hungry and are surely already missing your specialties. Take advantage of this! Sell your favorite sauces, pasta, or pastries online. Another popular option right now are gift boxes or packages with everything your guests need to recreate your dishes at home.
Example: Hair & Beauty
This industry has been hit hard by the social distancing measures. There’s no such thing as a digital haircut, but you can give the gift of that long-awaited visit to the hairdresser. Many businesses are currently focusing on selling vouchers or gift cards. Give it a try!
Stay in touch with your customers
Switzerland is feeling uncertain. But we’re all in the same boat. Talk to your customers. Let them know that you’re still there for them and available. Use email, phone, or video to nurture relationships. Because a personal touch is nice and can make a big difference.
Which functions in the online shop do you need to use now?
From Free to Professional, MyCOMMERCE offers different features that can help your business now.
Goal: More liquidity
- Offer gift cards or vouchers
Gift cards offer you immediate revenue and (in most cases) ensure that a customer will continue to visit your store. For businesses with particularly low margins, gift cards can help them stay afloat until the crisis is over. Click here for instructions. - Offer pre-orders
Customers understand that this is a particularly difficult time for SMEs. Many want to help businesses by symbolically pre-ordering products or services, either by making a deposit or by paying the full amount. They can clearly explain this in the product title and description. - Discount on less-sold products
Many industries are experiencing a decline in demand. Those who urgently need cash now should ensure that they aren’t sitting on cash in the short term (4-6 weeks). Even well-managed companies can have 20-30% of their inventory as dead stock. Therefore, now is the time to address this. Offer significant discounts for such products or create new, attractive product bundles. Click here for the discount instructions
Goal: Increase online sales
- Contact your most valuable customers.
Approximately 20% of customers account for 80% of revenue. You know your best customers. Prioritize them and secure their loyalty. Email your customers or call them to inform them about special offers. - Offer free shipping or local pickup
Shipping costs are one of the oldest enemies of online retailers. Consider offering free shipping. You can easily set this up in MyCOMMERCE. It’s proven that this makes customers happy and more likely to make a purchase. You can pass the shipping costs directly through the product. If that’s not possible, you can simply offer “local pickup.” Don’t have a store where you can send customers? Perhaps you can drop off the products at the bakery around the corner for pickup? Be creative and partner with local businesses. Together, you’ll open up many possibilities. Click here for free shipping. Click here for local pickup
(Tip: Communicate shipping times very clearly during these times. No one is as impatient as a waiting customer.) - Try Google Shopping
Swiss people are currently shopping online – more than ever. Position yourself with paid advertising on Google and increase your reach. Our automated connection to Google makes this very easy. Click here for Google Shopping.
Together we can do it
MyCOMMERCE is actively exploring ways we can help small businesses during this time. We communicate regularly on our website, our blog, and our newsletter.
