Why it matters
Recently, the novel coronavirus (COVID-19) outbreak has impacted the retail market heavily. With governments urging people to stay at home and away from the public, shops in Hong Kong and Singapore have adjusted operating times due to low traffic. Retail brands, whether online or offline, can use this period to revamp their strategies and minimize lost sales from physical stores.
- Resist the urge to make the marketing strategy all about marketplaces
- Have a brand app, but also have good UX
- Meet the need for a good deal
- Add value to shipping costs
- Go for product reviews, skip the OOH ads and KOLs
- Balance monetary perks with non-monetary rewards
Things “haven’t been very easy” for Asia’s retail players even before the novel coronavirus outbreak, what with the US-China trade war, social unrest in Hong Kong and a near-technical recession in Singapore.