Monitor this retail survey Orderchamp the impact of the COVID-19 virus on local retailers. We present the most remarkable results in this blog.
We are now in the seventh week of the intelligent lockdown. The outbreak of the virus also hit the retail industry hard. At Orderchamp, we deal with trends and developments in the sector on a daily basis and do everything we can to help retailers. To date, we have held several educational webinars, shared blogs with direct tips and we assist our users daily by telephone to help them through this challenging time. In the meantime, we have conducted a survey among our retailers. This is to gain insight into the influences of the COVID-19 virus on the retail market.
This blog takes a look at the changes, both positive and negative, that retailers are currently experiencing. Although our efforts were largely focused on brick-and-mortar stores as the situation primarily disadvantages them, we also asked online retailers. You can read the results below.
The survey was conducted at 657 (online) retailers of Orderchamp.
The main results of the study are as follows:
Of all respondents (online, physical and omnichannel), no less than 83% indicates that they are still active. As expected, physical retailers in particular are struggling because they are most affected by the intelligent lockdown. Slightly more than a third of the respondents (37%) indicate, either temporarily or not, that they have come to a halt due to the corona crisis. We saw this in Orderchamp's purchasing behavior, especially in the first two weeks of the lockdown. In the meantime, the physical stores seem to be starting up again and we are hearing from many entrepreneurs that they are preparing for better times.
However, the shopping streets still attract fewer visitors than before and this results in a direct loss of turnover. We want to inform both physical and online retailers that there are still many activities that you can perform to remain productive. It is important to get the most out of this 'stay at home' period in order to return more successfully than ever. You can also read examples of these types of activities in our blog: ''How your retail business remains successful in challenging times''.
We asked our retailers to identify their level of concern for the future of their business. As many as 25% of the surveyed retailers are not concerned. On the other hand, 20% of the respondents indicate that they are concerned - we would like to ask them to contact us. Together we stand stronger.
However, the vast majority is not unambiguous; they find it difficult to estimate the impact of the virus. We would like to advise the latter in particular: Take action now! List your finances, stock level and visitor flows, so that you know sooner whether you will be in trouble in the (near) future! For example, take a look at your overall financial picture and chart your liquidity, then you can make informed decisions about cuts (or even expansions). Be creative and dare to innovate: “Never waste a good crisis!More tips can be found in a previous blog.
Many retailers and shopping areas are looking for ways to attract new visitors and increase their sales. Meanwhile, there are also retailers who open their shops, or part of them, again for a limited audience with the necessary measures. Survey participants were asked if they had started specific promotions in order to improve their customer engagement to enlarge (or keep). 65% indicated to have started specific promotions, while 35% has not yet considered this. In our opinion, this is a missed opportunity! Below is a list of 10 tips from promotions deploy those fellow shopkeepers;
Retailers can ask their customers to generate additional income coupons to purchase from them that can be redeemed at a later date. The survey found that 20% of respondents are already using coupons to generate instant cash flow, and 40% is considering this. The direct cash flow can help you stay upright and enable you to continue to pay your fixed costs.
With this in mind, Orderchamp is the platform together with a number of other initiators HelpDeWinkelier started! Here you can register as a retailer and your customers can purchase coupons from you via the platform.
Due to the fact that consumers stay at home as much as possible and avoid the shopping streets, some shops are closed. These factors make it more important than ever made online purchases. As a (physical) retailer you can respond to this - or not. We advise you to do this; an omnichannel shopkeeper is stronger in his shoes. Take advantage of the current extra time, you will reap the benefits after the corona crisis!
As for our respondents, gives 71% is now focusing even more on online channels, as there are currently fewer options for their physical store (s). To support physical retailers without a webshop, we have therefore joined forces with our partner Lightspeed, to give all our retailers access to one free webshop. Starting up has never been easier! Within a few hours you can already have something with which you can serve your existing loyal customers. Interested? Take advantage of this promotion via this link and your webshop is up and running in no time!
Many (online) retailers respond to current consumer needs by offering popular product categories such as home decoration, care products, toys, greeting cards and everything for the garden and indoor plants. In addition to offering these product categories, we like to inspire our retailers with blogs in which we present suitable products and collections. Products that sell well at this time. That is why we recently focused on “Cocooning”, items for in and around the house, for yourself and for activities with the whole family. Discover both the here Cocooning Home & Beauty as the Cocooning Family & Cooking collection. Are you still missing certain products or brands and do you want to help other retailers build a smart assortment? Refer your brand and you could win € 250 shop credit.
Orderchamp continues to look for ways to make the purchasing experience even better and cheaper. So we have the minimum order amounts of our suppliers even lower. We are also happy to help you building an alternative product offering and we recommend additional categories that you can add to your existing range.
We write educational content and inspiring blogs every week to help our retailers and brands get started. All articles can be found on it Orderchamp blog.
Within the Orderchamp team we have many experts who are happy to share their knowledge with our retailers. Curious? Register for one of the upcoming webinars. You can also look back at the previous webinars at your leisure webinar page from Orderchamp!
Are you already a member of our special Facebook group for retailers? Here we answer all your questions and those of fellow retailers. In addition, keep an eye on our other social media channels to keep up to date with the latest news; check our for this Instagram and keep an eye on our LinkedIn.
“This survey was conducted online by Orderchamp in April 2020, among 657 retailers in the Netherlands and Belgium. We also receive weekly feedback from hundreds of retailers. For detailed questions about the survey, please contact [email protected]. ”