4 paths to grow your business during COVID-19
Operating a good company (or any kind of business) during Corona Virus is nerve-wracking. Will you survive another lock-down? How will you afford to keep your doors open for next time?
The uncertainty is getting that the best of us, especially when it comes to determining your establishment’s future for that.
We can try on that to compare now and to past economic downturns, such as in the year 2008 financial crisis. The industry saw a slight decline in profits in the year 2008, but it bounced back entirely by the year 2010.
However, this is an unprecedented time, creating it harder to predict how the things will play out in the last. So all you can do is stay adapt and so flexible to the changes as they come.
Let’s take a look at so best paths you can go from barely surviving to thriving amid Corona Virus.
4 paths to grow your business during COVID-19 Read more about Online Business
How COVID-19 is Impacting the Business Organization
The impact that the pandemic will have on good businesses is expected to be much greater than the last recession. But it maybe prove its resilience and come through in the last.
For example, The China’s country in February sales dropped approximately to 80% percent compared to the year of 2019. Yet, in March, the year-over-year decline was only 20% percent, showing a sharp bounce upward.
Unfortunately, there is still the worry of low consumer confidence. Also the Global consumers surveyed are saying they will be spending less on beauty products in the near future.
However, this does not have to mean like a bleak future for your business. Let’s review some of the best paths of the industry is adapting.
How Consumers Are Shifting to another
Listening to consumer demand will be incremental as we move to forward post-pandemic like COVID-19. Seeing how their behaviors of buying changes will determine how businesses should react.
For instance, before the pandemic, 85% percent of such a good product are purchases were made in-store. This has since dropped to 30% percent. But the sales are not disappearing entirely on that — they are moving to digital such social media marketing.
We are now seeing an increase in online sales in online digital marketing, but overall, they are not matching Pre-pandemic in-store sales. Yet, some product brands are scaling their operations because the e-commerce sales are twice as pre-pandemic sales 4 paths to grow your business during COVID-19.
For Instance, Sep-hora saw 30% percent of sales growth in the United State., alongside Amazon’s, and any other sales for products.
It appears that going digital marketing will be one part of surviving the pandemic. The second phase will be adapting the types of products you are selling.
What Kind of Products are Selling amid COVID-19?
It’s not like a surprise that soap, Masks, sanitizer, and disinfectant products and so many kind of products are doing well during the pandemic. Or that makeup and fragrance products are not doing so hot (55% and 75% percents are declines).
More people of them are working and schooling from home, making these items irrelevant.
But those who’re venturing outdoors wearing a mask are creating a new trend for above-the-mask products. For example, Alibaba reported eye cosmetics are selling 150% percent and more on month.
We are also seeing an uptick in skincare, hair-care, and bath-and-body product sales such body spray, oil etc. Self-care and pampering for kids is the trend right now, making this market worth considering.
In France, luxury hand soap sales were up to 800% percent as the country was locking down in corona pandemic. There was also a big boom for self-care beauty items, such as aromatherapy, detox products, and candles etc. Even hair care products increased by 300% (Year-over-Year).
How to Pave path for Your Business’s Success
Consumer trends dictate the next moves for there businesses. And what the beauty customers are demanding is convenience, cleanliness, and relevance 4 paths to grow your business during COVID-19.
For some good brands, this means changing strategies, and for others, it means being innovative. So here’s a look at some of the things you can do to make your business thrive during COVID-19.