The gifting season is one of the compassionate seasons. We send love via gift cards and the perfect item for our near and dear ones.
But today, in these pandemic times, we should spread some compassion for the needy people. In other words, the pandemic has highly affected the people who run small businesses. Hence, as a customer and a human, one can buy the products from these small businesses and enlighten their day!
According to Forbes, the survey conducted in the first week of August shows that around 46% of small businesses cannot make ends meet. Therefore, the companies are going to shut down by the end of the year. As for the larger firms, there haven’t been many changes. They are still in a better position because they took advantage of the digital world. Hence, this can only happen when the business has a worldwide audience, which the small businesses lack.
According to PNAS, small businesses are extremely impacted because of coronavirus. They surveyed more than 5,800 small companies between the period of March 28 and April 14. In conclusion, a lot of issues were brought to light.
- Mass layoffs and major closures had occurred within the few weeks of lockdown.
- The risk of closure was negatively associated with the expected length of the crisis.
- Financially, many small businesses are fragile.
- Many small businesses were dependent on the Government’s help, but it turned out challenging to access.
All the issues above mentioned are visible in most countries around the globe.
Here’s how to boost sales:
All the small businesses out there, this is the time to pull your socks up! It’s time you take the necessary steps to save your business.
- As a businessman in this pandemic, you need to put your product on the web. Small steps like social media can help.
- Make the most of this season, show how your product is different from the others.
- Improve your products based on customer reviews.
- Nevertheless, take precautions and stay hygienic.
What to do as a customer:
- Stop/ reduce your purchases from high-end retail stores. Go out on the streets (if permitted; WARNING: Obey the Government laws) and make your purchase from these vendors.
- Shop early so that these vendors can estimate the production and sales.
- Promote these small businesses via social media, word of mouth, gifts.
- Please understand their needs. Therefore, do not bargain over the prices. Don’t forget to be compassionate this gifting season.
A small token of gift:
Google and companies alike have taken a big step to help the small businesses out. They have created some Tools & Resources. In this support system, they talk about how the tips and bits of advice can benefit the small business in this pandemic. Do share this with the people in need.
Micro, Small and Medium-sized Enterprises (MSME) had conducted an online event on 24 June 2020. The event took the viewers across the continents in about 90 minutes. Where more than 40 diverse stakeholders discussed the problems faced and shared the solution for the same. above all, they prepared the viewers for the “new normal.”