The nationwide lock-down has bounded many small and mid-range companies to lay off employees or shut down the business. It has a diverse effect on the Indian economy. The offline retail sector is being affected badly. Many small and medium enterprises dealing with clothes, jewelry, utensils, etc have witnessed a huge loss. And the main reason behind it is interstate business is closed in this lock-down.
As a consequence, the overall offline retail sector’s supply chain and logistics sales may lose approx of $7 billion in this financial year. This corona virus pandemic has bounded many wholesale retailers to revamp their existing business model by engaging buyers into an online medium to meet the demand for essential items such as medicines, groceries, etc.
Covid-19 Bounds Retailers to Switch Business in Online. The shift into online medium has been catalyzed due to the efforts of some e-commerce firms in India. The retail industry is expecting a drastic transition such as ordering goods online becomes the new normal over the previous model of buying from brick and mortar retail stores. If the offline retailers can cope up with today’s digital platform, soon they can be a big winner.
Now the offline retailers have the opportunities to open a virtual web store such as a website or mobile app from where they can take orders not only that they can even market their products in social media platforms such as Facebook, WhatsApp, and TikTok to connect with potential online buyers. Social media platforms are even focusing on hyper-local deliveries that are also affordable.