Recently, the CEO of Youzan（which is a Chinese company mainly engaged in retail technology, helping merchants to open online stores, social marketing, and expand the omnichannel business, In 2019, it obtained strategic investment from WeChat and Baidu）said in the public speech that,
During the outbreak of the virus, the three things need to maintain for the business are
1. cash flow,
2. team management
3. customer relationship maintenance.
He also predicted that the outbreak of the virus may be beneficial to the long-term development of live streaming e-commerce, community e-commerce, and community stores.
Business strategies during the outbreak of the virus
The CEO of Youzan suggested in the live streaming that the first and most important thing for businesses is to spare no effort to keep cash flow as a backup for their operations for at least a few months. After the outbreak of the virus, he predicted, Chinese purchasing power would return.
On the team side, businesses should take advantage of this time to communicate with team members to build a team that can fight immediately after the virus.
In terms of customers, businesses should not ignore the connection with customers, including the maintenance of the WeChat customer group, the update of WeChat moments, the maintenance of the community, etc., merchants can also open live streaming to stimulate the purchasing power of customers and build brand awareness.
He also said that business development will move toward more advanced models, such as value-added services, private traffic, cross-city e-commerce, local after-sales service, live streaming e-commerce and so on.
“E-commerce businesses in the same city” are in urgent need of merchants to establish together, and merchants who do not have the distribution capacity can contact local distribution companies in the same city. Secondly, cross-regional e-commerce can also be developed. The third is that merchants should do their own distribution channels. Also, merchants should make full use of the employees, such as do live streaming. Businesses with insufficient inventory should adjust their product categories based on customers’ needs instead of sticking to what they were doing.
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