Retailers need to be agile so that they can adapt to rapidly changing markets and scale at the right time. COVID-19 has taken its toll on the retail industry, making it harder for the startups to survive.
Many retailers start their business with a combination of a basic accounting system, inventory management system, and multiple spreadsheets. But as they grow larger, the amount of time and effort it takes to handle a higher volume of orders becomes difficult to handle and prone to human errors.
As a retail startup, you are always pivoting to meet changes in the marketplace, and having siloed systems to run your business just is not cutting it anymore. You need a solution that is flexible and adaptable enough to whether any storm (or pandemic as it were) and scalable so that your growth is no longer a limiting factor. You also need something that is robust enough to grow with you so that you do not find yourself in the same situation 5-10 years down the road.
If your back end systems and your ecommerce solution are siloed, and you’ve determined that your current business management system is holding you back then it’s time to make a change. What better time than now, when bulk of your business still comes from your ecommerce platform?
In 2019, online retail sales grew 56% - and that’s before the COVID-19 pandemic hit and everyone was ordered to stay at home. Despite lower overall spending in the United States due to COVID-19, many retailers who have invested in an ecommerce platform have seen their webstore sales increase by around 43% since the beginning of the pandemic.
COVID-19 has been systematically poking holes in the existing infrastructure for companies across North America – particularly for Retailers.
COVID-19 has pushed many retailers to consider putting up their own online webstore. Not only can weather more storms (such as a worldwide pandemic) than a brick and mortar store, but it also gives you the flexibility you need to grow your retail business, provided that it is integrated with your back office systems.
Maybe you’ve read my last blog, 5 Symptoms of a Siloed Ecommerce & Back End System, and concluded – “yes, this is me. I have siloed systems”. The next question is always going to be “So what should I do about it?”
COVID-19 has impacted everyone in the United States personally, professionally, and/or financially. Startups, especially newer retailers, have been hit hard because they do not always have the cash flow, processes and systems in place to handle this drastic of a change.
You’ve invested in a fantastic ecommerce solution to be the online face of your company. You make it to look nice and provide your customers with the online shopping experience that they are looking for during the digital age. It also gives you the unique ability to reach your customers when your products are top of mind - when they are looking to make a purchase. And during the COVID-19 pandemic, or any similar crisis in the future, it’s the ONLY way for you to reach your customers.