What a lovely festive week it was! Forgetting all about work and just enjoying some quality time with friends and family.
Any Indian festival is an opportunity to socialize with all connects: let it be social, family, business network or professional network. The discussions this week were revolving around three major trending topics: political scenario, business scenario and financial market.
Out of all the topics of discussions, what I really wanted to pen down today was the business scenario in the Retail Segment and changing customer buying habits. Honestly, I was really bothered by the impact it is having on traditional business houses.
What got you here won’t take you there, as suggested in my title explicitly only discussing about one thing... Why is this Economic transition / Slowdown making us feel so disheartened at all times? Everyone complained about their own issues, talking at great lengths about how it is affecting business sales & Scenario.
These are some of the main concerns that were raised during discussions, and are probably a part of everyone’s discussion across the nation;
- People are shying away from choosing stand-alone retail outlets for purchases
- Preferencesof buying during the festive season have got shifted; thus People are not investing that much during the festive season, despite the discounts and offers.
- People are getting more comfortable with online platforms, despite so many marketing efforts from retail outlets.
- Generating high footfall at the shop is a real concern for the majority of the retail outlets
We are definitely having these problems. But I’d still like to ask this to everyone… The slowdown may be affecting your business, but why is it slowing you down?
I understand… The Experts are saying that the slowdown is really bound to hit the market hard, and cause some real trouble for all businesses in the coming days. But it’s a slowdown, not a stoppage! No one is saying anything about looking down, or giving up hope! Finding a way forward is the challenge we all need to accept!
Let’s take the Diwali season for example.
The festival season of Diwali is known to attract the majority of business in any given financial year. And as all major businesses witnessed a drastic drop during this festive season, however, the e-commerce giants like Flipkart, Myntra, PayTm, Amazon and other market places secured maximum business in this very same time-frame!
How did the e-commerce sector manage to secure so much business, in a rough and critical time like this?
The answer is simple. Convenient Purchases with Great Discounts!
The mindset of your regular consumer is changing. They want convenience. Especially the youth!
Today’s youth is into a lifestyle that is all about making impulsive purchase decisions. Buying the best phone, the best gadget’s, the trendiest shoes etc. But the most important thing they care about is convenience.
Today’s consumer is absolutely ready to buy a product if they
- See a great value online/offline
- can compare it with other products,instantly without putting in many efforts
- can get a good varietyon a particular type of product.
- can buy that product, just by tapping on the mobile
Challenge your potential, not your faith!
Going digital is the way forward. For all domains, all sectors and all businesses. For now, and for decades to come. Your consumer is out there looking for the best deals and products, and you need to be there to grab his/her attention. That’s all you need to get leads for your business.
And I believe during a tough time like this, innovation and shifting from the traditional & conventional mindset is the best thing to focus on! Invest all your energy and all your time on moving your business ahead.
I understand it’s not the complete answer… But it is a step forward! Doing something is better than doing nothing at all!
When there is a way forward, no matter how tough the times are, one should look up and strive towards achieving maximum success. A slowdown can be a real wake up call to realize the hidden potential of your business. Does anyone from my network have any other solutions? I sincerely look forward to your feedback and suggestions for a sustainable growth solution for all businesses.