How to Compete with Big Brands and Become Successful

The recent pandemic crisis changes the war zone for the retail business. What most affects both consumer and retail business is the social distancing policy. Terror of virus crippled the country's economy that affects all. But because of the social distancing issue, customers of brick and mortar stores suffer the most.

Staying at home may reduce the virus spreading however, this issue jeopardizes day-to-day business activity & that is directly connected to the country's economy. Businesses are struggling to get a foothold on new rules that are coming frequently. Scrambling to follow new orders from the government like earlier stores closer, less manufacturing & transporting goods. Combining all of these can be a real challenge for business.

However, while brick-and-mortar stores are suffering most, the eCommerce business is booming because of the same issue. In a recent study, sales have increased by 20.5% in USA eCommerce stores since the pandemic started. People tend to shop online rather than visiting stores, it is assured in many ways, they can shop safely from home & it is comfortable.

Customer is the Heart of a Business as Always

Getting success in business is all about winning the heart of the customer. Big brands that are ruling the world now, winning the customer is always their priority & that’s why they came this far. A wise man once said, take care of your customers and they will take care of your business. A clever business will always try to find the opportunity to win the heart of their customer & will try to build a long-lasting relationship that pays off in the end.

Talking about opportunity, within this pandemic crisis moment, taking care of your customer can be an honorable task & in return, you win their heart. A simple yet very effective strategy for any business type of business. Understanding them by communicating with them, calling them, sending them messages, and ultimately trying to help them when they need it most.

Based on their financial situation you can send them custom-made promotional offers, vouchers, gift cards, permanent premium membership until pandemic is over. These can be a very innovative and lucrative offer for your customers and in return, you may be able to establish a strong bonding with your customers.

To encourage you even more, here is a great example of Walmart. They made a commitment of $25 million to their employees, suppliers & customers. Across the globe USA, UK, Canada, Africa, China, India. They are trying to help their surrounding communities to build trust and reputation & in the end, they win it all.

You should use this opportunity like them, use this crisis moment as an opportunity to win the heart of your customers, and gain an enormous amount of exposure for your business & this will last for decades.

eCommerce is the Ultimate Solution for Post-pandemic Scenario

Online shopping is a rising trend since a while ago and because of the pandemic crisis, it’s even becoming more popular day by day. While brick and mortar stores are struggling to keep up with social distancing issues however, for eCommerce platforms it is an excellent opportunity. In a recent study, it says in the USA eCommerce sales are increasing at a 30% rate per year. And since pandemic starts sales increasing even more.

And that’s why it can be a lucrative opportunity for both existing eCommerce and the new one. Even brick and mortar stores should utilize this opportunity and transform their existing store into a digital platform. Many businesses already did this since pandemic started, so do not waste your time & grab the rope that is hanging around you and start an online store to grab your market shares.

Leverage the Artificial Intelligence to Outlast the Competition

There is another good reason a brick and mortar store should consider transforming them into an eCommerce platform. That is – A.I (Artificial Intelligence) powered technology to run the business. This is a completely new level from a physical store, using A.I online store can run itself in full automation from showcasing products to accepting payments from customers.

Maybe the most excellent feature is automated analytic reports prepared by A.I. Unlike brick and mortar stores you don’t have to hire an expensive specialist to analyze your business sales and marketing data.

In almost every eCommerce platform it is a built-in option that, A.I powered technology will be able to analyze your business every transaction instantly on-demand. You will be able to see analytics based on several KPI (Key Performance Indicator) to understand your business performance and forecast sales and marketing expenses to plan your next budget appropriately.

A.I driven marketing strategy can be even better than anything else to outlast your competitors. For example, Google uses this technology when you search for a particular topic. Their A.I machine-learning technology remembers that & next time it will show you ads based on your interest.

In this way, you will always see relevant ads no matter which website you visit. Therefore, if you use this technology in your eCommerce website, then your visitor who owns a cat will probably see cat food-related items suggested by the website, while dog owners will see dog food relevant items in suggestion. You will able to market your online store more smartly with the help of A.I

A.I Driven Dynamic Pricing Strategy to Beat the Competition

Though adjusting product price based on supply and demand is not a new strategy however, what about price will adjust itself automatically based on current market data analysis without any human interaction. Yes, of course, it can be a great advantage.

By using an eCommerce solution you gain access to A.I powered machine learning technology that can react based on market data i.e. supply, demand, inventory level, competitors price index, etc. to optimize current price to beat the competition & gain loyal customers.

For example, Amazon uses A.I powered price optimization that changes prices every 10 minutes. Think about it, in a brick and mortar store you change the price may be when new stock arrives or depleted. But changing it every 10 minutes & based on current market data from across the globe is a kind of a daydream.

Big brands are doing exactly that & continuously beating the market.

Conclusion

COVID-19 pandemic crisis is not going to solve very soon & according to WHO it might take years to develop a vaccine, thus we have no other choice but to adapt to this situation.

However, one thing is very clear to experts that, this pandemic irreversibly changes consumer behavior, buying habits, supply chain management hence almost everything we know. Therefore, we have to evolve our business plans to adapt to the post-epidemic scenario. And this is why A.I powered eCommerce solution can be the ultimate weapon to handle the new world ahead.