BELOW IS MY SUMMARY ON THE COVID-19
AND ACTIONABLE PLANS FOR SMALL BUSINESSES SURVIVAL
Including key extracts from the professionals and organizations herein.
COVID-19 has changed consumer spending and almost every aspect of our daily lives.
Spending is down across all retail shops, as lockdown measures have restricted what we can spend money on.
Another spike can see eateries and retailers in those clustered locations being shut again.
COVID-19 drove higher penetration of online shopping for FMCG products (personal care, home care, beverages, packaged food) as 7 in 10 consumers are shopping online to stock their pantry, and this behaviour is likely to continue even when the pandemic ends.
The penetration of users venturing into e-commerce will continue to rise. Nielsen’s COVID-19 dipstick in March 2020 found that 69% of people surveyed who bought household goods online for the first time during COVID-19 will do so again in the next 12 months.
Economic consequences of the coronavirus pandemic have meant consumers are less inclined to spend more, with many expecting their household income to continue to fall in the coming months.
Time spent indoors, however, has caused us to spend more on home entertainment and groceries.
Livelihoods and businesses are turned upside-down! How prepared are you to mitigate the impact, improve sales revenue while minimizing risks? It is WAR now. Do you know which battle to fight sequentially?
This is a massive RESET. Recovery depends on the return of customers - but the way they buy from you will never be the same. Now that all your weaknesses are exposed, what are going to do to rebuild your edges?
Hear the responses by Singapore Retailers on the followings:
1. Return-to-work strategies
2. Expected productivity loss of nearly 45%
3. Decrease in sales revenue/profits 30% <
4. How to rebuild revenue streams
3. Financial impact on their company
One of Dr. Drucker’s most famous contributions to management consulting is “the five questions.”
What is your mission ?
Who is your customer ?
What does your customer value ?
What are your results ?
What is your plan ?