How COVID has Changed the Mindset of SMEs to Bring Their Business Online?
The abrupt emergence of the COVID-19 pandemic has inflicted an unprecedented crisis throughout the whole world. Aside from causing grave concern about health, it has affected business and social activity as well.
According to a report, almost 63% of supply chains (import) in the USA were hindered by this issue. However, to adapt to such a dire circumstance, many SMEs have altered their natural mindset. Here are some of the common changes they have made to thrive online!
1. Establishing a Safe and Remote Workstation
No one was allowed to go out of their house during the early period of COVID-19. So, in the beginning, it had become almost impossible for SMEs to operate smoothly.
Nonetheless, they countered such jeopardy by beginning working remotely. The usage of communication tools, like video calling and email, had helped them stay in touch.
It also aided in reducing travel and conduct meetings online to learn about the state of business and avoid being counter-productive.
Additionally, organizing apps, such as Slack, was pivotal for creating a structured working environment and maximizing deliverables.
2. Focusing More on the Cash Flow
The aspect of running an online and an offline business is entirely different. With the latter, an organization can cut costs regarding stationery, paper, and coffee.
Additionally, the maintenance expense of an office also gets lowered moderately.
However, there’s a hitch. To have an online approach, you will need to create a digital presence. Most organizations have does exactly that by creating their website.
Nevertheless, maintaining a site is a different story than managing an office. You will need to ensure its quality, aesthetic, and responsiveness altogether.
Due to this reason, most corporations have begun focusing more on their cash flow. It helps them in creating a money-saving strategy and improving their deliverability even more.
3. The Issue of Generating Lower Revenue
Around 75% of organizations throughout the world had suffered the issue of reduced demand from their consumers.
This issue was initially guided by the prospect of lockdown, which was conducted to lower the growth of the pandemic.
However, the SMEs had countered this problem by building an online presence and asking their customers to shop through the same.
This way, the buyer community didn’t have to go out of their house to buy their necessities. And, the SMEs could improve their sale to some extent as well.
4. Adjustment in Strategies
Digital marketing, unlike the traditional option, is a bit different and more confusing. However, with almost 3.5 billion people being online, it was worth it for SMEs to come up with an online mindset.
They began putting ad campaigns through various social media platforms, such as YouTube and Instagram, to increase their audience reach.
Many have also tried to partner with a social influencer to promote their products online. Although this method was a bit more expensive, it proved to be quite effective.
5. Employee Flexibility
Prior to the origination of the COVID-19 pandemic, almost every SME used to follow a 9-hour working rule, mostly during the daytime.
However, this viewpoint has changed entirely right now, especially for those who serve international clients.
These organizations are currently hiring working period-flexible people so that they can offer their service both during day and nighttime.
6. Offering More Information on Products
While buying online, almost every consumer tries to learn as much information as possible about a particular product.
During the dawn of online shopping, many businesses avoided offering details to save their time. However, this scenario has changed drastically during the COVID-19 pandemic.
Business-oriented organizations, these days, tend to offer almost every product-oriented information on their website.Such a change of business mindset has helped them convince consumers about their product quality and increase overall sales.
7. Making the Most Out of Online Reach
As mentioned before, almost every SME and MSME out there have been trying to make the most out of their online reach.
Hence, the strategy of updating their consumers about everything has become much more prominent than ever.
When a consumer is buying something from an online business, they have to provide their email or phone number on the platform.
So, whenever the same organization offers a massive discount on something, they update their consumers about the same quickly.Such an aggressive business mindset wasn’t too common during the pre-COVID era.