2020 For Retailers
Some of the boutique owners have revealed their situation regarding the pandemic and their freshly opened businesses. They say that their businesses were going well till the first lockdown was imposed. After that, they had to turn to social media platforms and digital means to conduct their business.
For retailers, the lockdown created a lot of setbacks as they had a lot of stock they needed to move.
On the bright side, they stated that social media platforms proved to be of great help with a number of individuals supporting online business. While they had to change the way they conducted business like reducing some orders and changing occasional wear to loungewear, the overall reaction of the community was very positive and they gained enough money to help them move their stock.
However, online retailers are already aware that this increased interest in digital detail is not permanent as people still prefer to touch products before buying them.
Many retail clients stopped conducting business after a while and laid off their employees. According to the retailers, this was the wisest decision they could make.
They said that the future of the next couple or so of months in retail is especially unpredictable in these times especially while we are going in/out of lockdown unexpectedly. It is a stressful time for Auditors.
The assumptions directors make around cash flow and market performance is especially crucial right now. A successful business amidst a pandemic is one that sustains its market presence and stays relevant to the consumer. Which is very different from what would be considered a successful business in pre-pandemic times.