The ongoing uncertainty over the coronavirus pandemic is making long-term planning difficult. However, adapting and diversifying your business is vital for future resilience according to Business Computer Projects (BCP).
Following various social distancing and lockdown measures across the UK, traditional business operations continue to be affected. The long-term impact of which is expected to be felt for many months, perhaps even years.
As a result, businesses across the wholesale distribution industry have been leveraging the power of digital technology to mitigate the impact of the coronavirus pandemic.
Software specialists, BCP, has been implementing a range of successful online initiatives to help their customers survive and thrive during these challenging times. Here they outline some of their top tips on how you can adapt and diversify your business to protect your profits:
• Expand: There is a great opportunity for wholesalers with an online presence to expand their sales channels with Click and Collect and Direct-to-Consumer (B2C) services. Not only does this enable you to maintain some level of sales during disruptive times, but also help communities that are struggling to access essentials from traditional retailers. Businesses without ecommerce need to implement omnichannel solutions as soon as possible to protect against the competition.
• Collaborate: There have been several examples of industry rivals pooling their resources to great effect. If you don’t currently have ecommerce capabilities, consider joining forces with another company that has an online presence, and whose product range compliments your own. This arrangement can be short-term, or something more permanent if you find that the partnership increases your buying power.
• Innovate: It’s anticipated that 10% of hotels and 20% of pubs won’t make it through the crisis, so many B2B businesses will lose customers as a result. Now maybe the time to develop new products and services. With many people remaining indoors, utilising digital marketing channels is also a great way to increase brand awareness.
• Repurpose: Explore whether you can deploy your assets differently such as using your transport fleet for home deliveries. There are many great examples of how UK businesses have pivoted their offering. These include brewers and distilleries who are using ethanol supplies to make and distribute hand sanitizer, manufacturers with 3D printers making much-needed PPE and face shields, and restaurants and pubs undertaking home deliveries.
Actions such as these are not only helping businesses now but will be essential for building business resilience and mitigating future impacts on your supply chains.
To find out how digital transformation across your supply chain will protect your profits, now and beyond Covid-19 Contact david.hughes@bcpsoftware.com. www.bcpsoftware.com
Comments are closed.