By Jeanae DuBois
A recent Commerce Department report shows that retailers lost more than 16 percent of their revenue from the month prior to shelter-in-place, which is the worst metric reported since 1992. This crisis will change consumer behavior, and business as usual will not be enough to meet their needs following the pandemic.
Though COVID-19 has spread throughout every industry, small- and medium-sized businesses (SMBs) need to start thinking now about what happens after the pandemic.
For SMBs who are looking to remain profitable, technology that seems like an investment during a chaotic time can actually be a savior. SMBs that have delayed integrating technology are starting to show their service gaps as safety restrictions make in-person/traditional business impossible. SMBs should be looking for ways to better understand their customers. Investing in anything to improve your mobile applications, create user-friendly websites or implement customer relationship management