The Lockdown & what it means for your business
Major economies of the world slipping into a ‘near-halt’ due to the Coronavirus pandemic, Indian exporters find themselves in a state of turmoil as trade in the country’s top destinations are paralyzed. Trade is crippled in most of these destinations due to a near-collapse of the global supply chain as the cargo movement stopped. The warehousing capacity is over-stretched with severe blocking of export finance. The international shipping lines are affected. Even the urgent and less bulky cargo through air routes is paralyzed with the airlines trimming their operations and borders closing.
Every business owner, every citizen of this country has been adversely affected by the Lockdown imposed to curb the spread of COVID-19. The dilemma was to choose between letting hundreds or thousands die or let the economy take a severe beating. Each choice came with its associated drawbacks.
To protect the economy, we have to face the turbulence that has ensued. Today we focus on orthodox legacy businesses handed down through the family and who have never felt the need to sell online, implement technology or adapt to the changing times.
Given the current scenario, Eunimart encourages such business owners to seriously consider integrating online sales channels since the future of the global economy is looking bleak with a very limited scope of revival in this fiscal year and ecommerce could perhaps be like a rainbow in the horizon, a ray of hope for orthodox legacy businesses to make a quick comeback once this crisis dissipates and the pent-up demand overwhelms the markets.
Every legacy business owner is anxious and perplexed with the current situation today. They are worried and uncertain about the different ways the present scenario will affect their businesses in both the short and long term.
A second generation shoe manufacturer had this to say; “Business cycle has been disrupted and the entire supply chain has come to a halt. Money rotation will become a problem and we will soon be facing immediate issues regarding the payment of staff wages and salaries.
Besides this overhead expenses of rentals, electricity bill payments or telephone bill payments will all have to be met in time and they cannot be offset just because there is no income. Going further, payment to suppliers might become an issue over a prolonged lockdown and stocks may get damaged or their shelf life will reduce. We also have the fear of staff getting dispersed due to various reasons if businesses are under lockdown over a longer period. Finally, it will take a long time for businesses like ours to kick start and will not be helping the already slow economy.”
It is in such cases that ecommerce can light up the way by providing easy solutions to cope with the crisis. The important message here is that we at Eunimart are all geared up to provide assistance where required.
Eunimart provides a perfect end to end automation and management platform with access to 100+ countries, 25+ marketplaces & 25+ shipping & warehousing partners. This is a cutting edge technological solution built to scale with your operations and seamlessly integrate with any existing software you may be using. Advanced analytics and reports help in prioritising sales channels, logistics operators, inventory optimisation, order fulfillment and much more.
This would ensure scalability and make management much easier with centralised command over operations and automation in one platform in real-time, something hitherto unknown to the legacy orthodox business owners. But the time has come to rethink business strategies and product portfolio immediately and Eunimart brings its ready to use plug-and-play system just for you.
The time has come to reassess business strategies and improve upon digital capabilities to start with. The end goal is not just to tide over the crisis but keep customers satisfied and be ready for future disruptions.
Experts opine that “Enterprises of all types must be prepared to act quickly to mitigate the impact of such turbulence, while also learning from the experience of their counterparts in China and other severely affected countries. And even as they strain every sinew to address short-term disruption, retail executives also need to begin medium-term planning for an eventual recovery.”
Mostr orthodox businesses face challenges today when demand becomes more than the supply.
Family-run orthodox businesses suffer the most due to lack of data and insights into demand, customers and hence cannot optimise their supply chain or inventory.
Service industries are suffering huge losses with salaries to pay but no work due to social distancing.
It is, therefore, time now for all business houses to explore online channels and to prepare their businesses for any disruptions in the future. As researchers at Bain and Co. say, “Retailers of all kinds can partially compensate for reduced foot traffic by accelerating online fulfilment.” Which means suppliers should be able to ship inventories in critical categories strategically to stores for pick up or to fulfilment centres. Workforce shortages could be a potential problem and it would be wise to sell online and redirect marketing resources to the same channel as well. That is the best bet and the survival mantra during these times and Eunimart’s solutions are at hand to help you implement the same.
Embrace the change and take decisive actions to empower your business so that future disasters can be managed with minimum damage to your business.