Problems Pakistani Retailers faced during the Pandemic
Since the beginning of COVID pandemic business dynamics have completely changed in Pakistan. Small business owners who run retail stores in Karachi, have suffered the most due to strict government restrictions and precautionary laws.
Problems faced by local retailers in COVID Pandemic
Small business owners faced a crisis which caused many of them to withdraw their businesses or change their businesses completely. Many businesses in the retailing industry went out of business completely in the initial months of lockdown imposed by the governing authorities. This restriction has not only pushed retailers out of business but also their savings dried up. Even after lockdown was lifted and businesses started to work normally to some extent, this was when the retail business owners faced the biggest problem as they went out of the operational cost and had no finances to aid in running the business and managing their working capital. Business owners had paid their rents, employee salaries and other obligations in the times of lockdown without earning anything due to this they dried up their savings.
To jump start their businesses again was a challenge for every small scale retailer and many of them downsized their businesses and were not able to cope up. However, many business owners changed their dynamics and aligned their business strategies according to the situation. Because they aligned their strategies according to the economic situation, they prevailed and actually took this crisis as an opportunity to grow their businesses more and expand their audience further more than the physical boundaries.
How do some retailers expand their businesses in COVID crisis?
Some of the most important business strategies that retail store owners in Karachi implemented were related to the use of digitalization at their best as they made use of the e-commerce platforms to sell their products and services online. As the customers were not able to buy products from physical outlets they went to buy products and essentials for online stores. As those businesses who had aligned their strategies according to the need of the hour prevailed and they expanded their businesses further.
Udhaar App is also one of the kinds of App that aids in growing businesses beyond their physical boundaries. Many retailers adopted Udhaar App for managing their Khata and making sure that they keep a secured book-keeping for all their creditors with themselves at all times. Udhaar App helps in increasing the business online as it can deliver promotional deals to the existing customers while keeping all their transactions, credit history and recording of accounts.