Entrepreneurs and business leaders are seeing this situation as an opportunity to transform to a new “business as usual”.

It’s no news that the COVID-19 disruption has created a fast-changing and less-predictable environment for most industries, leaving many leaders and businesses floating adrift, and as consumers have entered a survival mode, it’s all about staying safe and most importantly, digitally connected at all times.

How can e-commerce capitalize on the current trend and thrive by moving far beyond the basic sites and apps? Entrepreneurs and business leaders are seeing this situation as an opportunity to transform to a new “business as usual”, and they should consider these immediate actions as they fight to win on what they have built. Panos Linardos, Chairman of Retail Leaders Circle is sharing some interesting tips.

  1. Stay connected to your customers. This crisis shifts consumer priorities and behaviors, and these will most likely become new habits after the pandemic is over. Agile businesses respond with convenience, product assortment, and transparency, ensuring they engage with their customers wherever they are to build business growth, reinforce customer loyalty, and penetrate new categories and territories.
  2. Deliver superiorand frictionless shopping experiences. The rise of digital commerce is creating new customer touchpoints, enabling shoppers to interact with businesses through a complex network of categories and platforms. Savvy entrepreneurs are making frictionless and hyper-personalized commerce a key focus on aiding the shopper in the discovery, purchase, and post-purchase experience, while they are delivering exceptional site functionality, descriptive product pages, and superior customer service to outperform the competition.
  3. Reimagine inventory management and supply chain. In response to demand spike of new categories, the industry is witnessing a dramatic restructuring of the supply chain order in which e-commerce has traditionally operated. While some businesses have struggled significantly from the lack of supply of critical items, entrepreneurs are tirelessly reevaluating their sourcing strategy, redesigning their supplier network, and pivoting their supply chain strategy to build resilience and respond to the new reality.
  4. Accelerate contactless payments. The COVID-19 pandemic spurred faster adoption of digital payments. Consumers appear to favor innovation, and as shoppers are becoming savvier with technology, they are increasingly ready to embrace contactless payments and digital wallets, with businesses responding to that trend.
  5. Double down on what’s working- or what could. While agile entrepreneurs are striving to take care of their employees and stay true to their vision, they’ve proved to be experts at pivoting and adapting to the new environment. Theyhave an unprecedented opportunity to retool their business and adjust their operational model to emerge stronger from the seismic impact COVID-19 presented in the regional landscape.

The full version of the story has hosted on Entrepreneur’s Middle East website.

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