Retail organizations these days are facing challenges such as COVID 19. Problems appear in the form of fierce competition, financial shortage, and the skilled labor force’s unavailability. Unseen enemies such as COVID 19 decrease the sale of the products and stop consumers from coming in-store to buy goods and services. A disaster like COVID 19 has made organizations earn low and consequently affecting the growth of the organization. These are the problems that arise as the recent growth of pandemic globally. The other traditional challenges include not aligning structure, processes, and technology with the strategy. Problems occur due to miscommunication about a product, services, and price. The absence of the proper guidelines on plan, policy, and programs is also equally responsible. As an opportunity, corporate guidelines help employees to resolve issues and problems as arises. Instructions also motivate employees to get jobs done on time.
These are the problems that arise as the recent growth of pandemic globally.
Retail business organization’s success depends on proper strategic actions, activities, and the plan outlined by the organization from time to time. Problems will arise due to the unavailability of intellectual capital, inexperience, and incapable of the business leader. In the time of the crisis, the organization needs a capable leader. A competent leader always works and supports the organization to bring strategy and actions in different steps. Also, capable leaders share knowledge and skill.
In the time of the crisis, the organization needs a capable leader.
The retail organization should empower employees. It is imperative to align employee energy and confidence in the organization’s activities. Organizational structure also matters. An organizational structure is a combination of position, power, and operations. The right man in the right place, belief always matters. For retailers at the time of crisis, such as COVID 19, the lengthy hierarchy disturbs the decision-making process. Time is also money. Completing projects in time means minimizing cost and maximizing profit and using core and scarce resources optimally.
People can mobilize resources judicially. To bring success at the time of crisis, a retailer must extend commitment and confidence among the employees. Continuous effort to match the set strategy with the vision, mission, and goal of the organization will be the best-accelerated task for the retail business leaders. It will increase trust and penetrate progress in the organization. A business leader supposes to value people. People manipulate core resources. People are system and process creator. A clear strategic road map means suitable business strategies based on strength and opportunity in the internal and outside environment.
People manipulate core resources.
At the time of crisis, the retail organization must change its working style, such as instead of doing business on the ground, should start operating business virtually. For this, organizations should manage virtual circumstances, such as making online retail business virtually fit among people, technology, and processes. It is necessary to bring change in the virtual model of doing business. Instead, modern technology that supports virtual business should follow, which has a reliable and confident base guided by the contemporary business theories—at the time of crisis, aligning activities with changed business context.
In a changed business context, the retail business organization should meet the societal expectation. The business model which is a set of revised business activities arranged to meet the high demand of the consumers in the different business context like now. Developing an online innovative business model in such a changed context can accelerate societal impact. Due to the crisis like COVID 19, retailers these days are suffering from resource insufficiency, and this persists them to resist change through strengthening online model business capabilities. Changed online business modality is also the demand of the present prevailing circumstances.
Developing an online innovative business model in such a changed context can accelerate societal impact.
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