In good times, businesses may not care about market leadership, but a recession can be like spring cleaning for your business. However, market leadership can ensure survival and growth during tough times.
The recession has created new business opportunities, especially online. Most are maximising virtual real estate ROI to increase activity.
Optimization projects reduce overheads, making ROI easier to justify. They also help optimise resource use for urgent projects like cost-effectively switching from on-prem licencing to a more flexible cloud environment, automating processes to reduce manual labour.
These optimisation methods benefit retail and manufacturing companies. Digital systems will improve business coordination and supply chains. Once established, these systems can grow with the company.
Inflation and recession are making retail resiliency harder for ecommerce brands. In a recession, health and household had the largest revenue growth, while apparel and jewellery had the largest revenue decline.
Pro-tips for maintaining a strong e-commerce business
1. Embrace technology to reduce time & costs
2. Invest in building your brand
3. Redistribute your resources
4. Strong organic marketing
5. Explore other avenues before increasing prices ie, focus on growth rather than profit
Start using the best financial paths for personal and business situations today to stay ahead.