Many small businesses around the world have suffered immensely in 2020 with the holiday sales season likely to remain gloomy and depressed as well. The threat of a second wave of COVID-19 INFECTIONS and an uncertain economy has certainly shaken up their long-term plans.
Small businesses often experience a tremendous spike in sales activity and revenues during the holiday – something that might not happen this year.
However, even such a challenging environment offers ample opportunities for many small businesses looking to boost their revenues. Over 60% of Americans stated that their holiday purchases would be primarily done from local retail stores, as per a VISA STUDY.
Here’s what small businesses can do to ramp up their 2020 holiday season sales
- Go digitalWith many Americans having no choice but to use the Internet for many essential activities this year, businesses looking to market to them have to reach them online as well. Retailers need to be able to offer online shopping options to their customers.
Ensure that customers are given plenty of warning regarding shipping cutoff dates for orders that need to be delivered before Christmas. They should also add in a buffer period to safeguard against unexpected delays. They can also consider offering local delivery and curbside pickup options to boost their online sales. Non-retail companies can also update their websites or send out holiday-themed emails to reach out to their customers.
- Talk to Customers About Your Safety StandardsSafety is the topmost priority for most customers. Businesses that require in-person customer interactions can implement updated safety protocols to ensure that their customers and employees are safe from exposure to COVID-19. Customers should also be informed about these measures to boost their confidence.
- Pivot to Another Business ModelSeveral small businesses have successfully pivoted to other business models in order to satisfy the needs of their customers. SMBs might have to overhaul their existing business models again to meet their customers’ requirements during the holiday season.
Small businesses are better off than larger ones due to their ability to quickly pivot and adapt to changing business environments without much trouble.
- Appreciate your employees and workersCompanies generally hand out bonuses and host parties for their workers and employees during the holidays. However, the imposition of new social distancing regulations means that organizations may not be able to hold parties like before.
While larger businesses may still be able to hand out holiday bonuses to their employees, numerous small businesses are struggling to even pay salaries. However, small tokens of appreciation like inexpensive gifts, handwritten notes, or paid time off may still work. Many companies are using different strategies to show their appreciation for their workers and employees.
- Think About Yourself TooMany business owners are so worried about the state of their businesses that they’ve forgotten to pay enough attention to their own physical and mental health. Over 66% of SMB owners stated that they were under a lot of stress due to the impact COVID-19 has had on their businesses. 68% reported that they weren’t even able to sleep properly due to the stress on their minds.