How Retail has Changed in the Face of Covid19

August 24, 2020December 23, 2020 Simon Hopes retail shops

Retail shops to reorganize their strategies in order to survive the changes in the retail stores play a role in helping to maintain the new rules and regulations set by the Singapore government. Here are some ways in which businesses affected can adopt to stay afloat.

Social distancing

Retail shops are now open,social distancing needs to be adhered to. It is very important for retail shops to make sure that customers are safe and healthy while they are at their stores.Also, public enforcement officers will ensure that safety distances will be kept, and retail shop owners can be fined if customers are not found abiding by them. Also, If the retail stores can abide regulations, customers will safe to visit the retail stores.

Social distancing also helps to limit the spread of the Covid19 virus in the case where an infected person visits a shop without realising he is carrying the virus.

Revaluate their business expenditure

Retail shops need to cut down on their, expenditure. This can be done by reducing unnecessary costs, and streamline what the business actually needs in order run.

A last measure would be needed to reduce unnecessary. This is because staff also need to keep their jobs and have income during these difficult times. By retrenching them, staff not only have to deal the difficult times, but have to do so without an income now.

One measure that some businesses have also adopted is to reduce the pay to its employees temporarily. This is an effective method, but in order to take it, the business owner needs to seek the consent of employees and also justify to the authorities of its decision.

Financial support from the authorities

The retail shop owners can also apply for government grants that are available in order to keep their company afloat for the next few months. One such grant, the PSG Grant, gives business owner up to 80% in subsidies for both software and hardware needed to conduct their business virtually from home. More information can be found here. So far, the PSG grant Singapore is very effective in reviving the financial condition of retail shops. Even if companies are not able to fork out the amount needed first for the equipment to be paid, there are loans available with local banks which businesses can undertake. For some, the interest on the loan is even waived off. Business owners should do their homework on the various grants available to help their businesses.

However, let us not forget that with all the assistance available, retail shop owners still need to transform their businesses to a post-Covid one which cannot be over-reliant on physical interactions. In terms of business strategy, the hard work still has to be done by the owners.

Maintaining good hygiene practices

Today, there are hand sanitizer dispensers available in most retail outlets as compared to the past.Staff of retail shops now frequently sanitizes their hands in order to maintain good hygiene and minimize any possible spreading of the virus.In fact, staff are advised to clean their hands after every session of interaction with prospective customers, especially if it involves handling products which have come into contact with them.

If possible, for cashier payment areas, a shield can be used at the counter to minimize the spread of droplets. Any cash payment can also be made across the counter via a collection tray, so that there is no direct physical contact between customers and staff. Lastly, staff should clean areas such as railings, leaning displays, chair handles a few times daily. Having good practices needs to come from staff themselves, as there is only so much that rules and regulations can do.

The possible changes introduced above in this article will help a long way in improving confidence in retail after the peak of Covid19 outbreaks. Due to circuit breaker measurements being in place then, Singapore faced a huge drop in retail transactions, and with circuit breaker measurements being relaxed, retailers play a big role in ensuring that retail habits gradually adapt to post-Covid requirements.

It is the responsibility of the retailer to ensure that the customers are safe while shopping at the retail stores. Next, financial aid will be effective in helping the retail stores adapt their business plans and strategies in order to stay afloat. While the retailers adopt post-Covid measures, customers should also follow and adapt to the changes in the virus season. By working hand in hand, the retail industry will begin to recover and be ready for the post-Covid times head.