How retailers are overcoming the Post-Pandemic Economic Recession

Businesses around the world are still scrambling to react (not adequately respond, but react) to the world-changing events of the Covid-19 pandemic. 

Whilst research is still being done on the hardest-hit industries, anecdotal evidence can easily pick out travel, tourism and hospitality as some of the biggest casualties, but new headlines emerge daily about the retail industry shaving hundreds or thousands of jobs from their stores if not closing them outright. 

What if I told you that some businesses haven’t been hit very hard, or are outright growing? Would you believe me?

Today we’re going to look at the types of businesses that have amazingly been able to adapt and thrive to the current socioeconomic climate. 

6 July 2020   \\ Technology                                  Author: Alexander Boast

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Digital First – any business that operates solely from an online storefront can be considered digital first.

Whilst this might be considered a newer or emergent style of retail business like Etsy, remember back to eBay and Amazon. They were always and have always been digital first, and in the case of Amazon, their share price is currently higher than ever! 

D2C – in fashion retail, Direct-to-consumer is all the rage right now, and goes hand in hand with the digital first theme. We’re seeing new brands pop up all over the place and manage their own relationship with their customers via online communities rather than through a retailer’s physical store.

The Wetherspoons example – when it was announced that UK pubs would have to offer table service and the ability to collect contact data of customers, this was no problem for Wetherspoons, who have been doing this already for ages in a great example of innovation at the time.

The Gig Economy – companies like Limitless Tech, Uber and more recently Chasyr have been empowering the lay person to become their own boss and control their income for some time now. 

Let’s take a look at Chasyr, specifically.

Even before but especially throughout the lockdown many of us have relied on delivery services for our consumer and sometimes business needs.

Enter Chasyr, a true peer-to-peer delivery economy that has now launched in both California and London.  

The Chasyr app – currently in beta – bestows a number of benefits:

- enables increasing profits by growing sales without necessarily increasing footfall. 

-  builds communities and capitalises on the power of social media to fight increasing delivery fees 

- Borderless and decentralised Chasyr enables users to transact within the communities (via credit/debit/crypto) while avoiding fees. 

- promotes local business rather than working solely with large established vendors

- promotes/encourages good level of service 

Want to know more? Contact the team! 

Pic. Chasyr

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