Impact of the Pandemic on SMEs! What is NEXT?

Impact of the Pandemic on SMEs! What is NEXT?

As the coronavirus pandemic continues to strike panic across the country, there has been a significant impact on a host of small and medium entities. The second wave and the fear of the impending third wave have pushed the SME businesses further to the wall.

From dwindling foot traffic to store closures, the impact of the COVID-19 crisis has been observed globally across the retail industry. A major disruption of consumer behavior, product demand, and the entire supply chain infrastructure have been observed. The estimates for global retail in 2020 was halved from pre-COVID-19 forecasts, the impacts were however noted to be uneven concerning the essential and discretionary stores. The second wave of infection in 2021 is just about the worst nightmare to many.

Due to the government’s request for continuity of essential businesses, there has been a growth in retail stores that handle food and daily necessities. On the other hand, retailers deemed nonessential or discretionary such as apparel, home appliances, and luxury articles have stagnated.

The sudden spurt of infection rate in India, has retailers sitting with excess inventory, as they had stocked up their reserve expecting a good run in the April-June quarter like that of the Jan-March quarter. With a looming stock pile-up and restrictions on the store timings, and the lockdown has posed a humongous challenge for a daily retailer.

The second wave has pushed retailers to rethink their strategy of liquidating their excess inventory and keeping their business afloat.

retail industry will have to equip itself to take continual action in response to changes in consumer behaviour. Retail businesses were meanwhile forced to act urgently to adapt to the sudden shift in work styles and to achieve business continuity.

While advocating strategies for social distancing and contactless interactions, physical stores were anticipated to integrate into the online purchasing process. While major reforms are expected in the physical layouts and store operations, there is an acceleration of digitization. A digital transformation merging the online with the offline OMO model continues to be the tested technique to adopt for a retailer.

e-Commerce to the rescue!

Players in the industry with a full-fledged or a crawling digital space and an e-commerce ecosystem have managed to stay afloat due to their online businesses. A sound e-Commerce platform and the right digital marketing skills were never more appreciated. However, many SMEs with a single storefront or those who weren’t able to adapt to the digital trend of an e-commerce website have certainly faced the wrath of the COVID-19 pandemic.

…and there is CLI-COM!

For those retailers who do not have an e-commerce website or a profound digital presence, the necessity to make it in the market had led us into an innovation mode moreover we came up with a tech-tool, known as Cli-Com.

YouEx, a step-ahead with smart thinkers – has brought in a new generational tool that will help retailers SMEs and all homegrown businesses without the pre-requisite of having an e-commerce website to sell their stocks online. Neither do you need an e-commerce website nor does your customer need a mobile application, you will be able to choose specific that you need to sell.

A hassle-free, uncomplicated tool is what is needed when the world is in chaos. So here we are with a simple tool to help you keep you afloat in the pandemic and step into the future of digital business.