Retail is the process of selling consumers goods and services to customers through multiple platforms to earn the profit. The word “RETAILERS” are specially used where a service providers fills the small purchasing demands of an individuals who are end-users of the product. Due to the current situations all over the world, COVID-19 has also affected much small and large business on their own respectively level. COVID-19 pandemic is some thing that retail business is facing for the first time in many centuries. Retailers are struggling hard due to this lockdown process, many national and international laws are urging for the loss in many business area all over in India. Through graphical structure we can come to know that supply and demand chain of many retailers are getting low, through which economist of India are getting worried about capitalism in India. The main challenges are been faced by small retailers due low revenue, barging system by customers when it comes to purchasing power. Many issues are also been faced by physical stores so they have changed their business strategies to online methods which has helped many retailers on large levels to overcome many funding and purchasing power.
As we can see that lockdowns are getting widen which ultimately affect the retailers. According to the reporters of New York Times, coronavirus pandemic has made a sharp turn between retailers and economy that is shopkeepers are losing their business, forced to shut the stores on temporarily measures, even department stores are been affected on the large extent. Their stores were closed from mid-March to April month which as shown the drastic change in retail business upcoming that is online business when on huge trend and showed increase in profit margins for those business and retailers who faced lost during pandemic lockdown situation. The economy of the world has been contracted upto 6% in this year 2020. Due to this lockdown and virus impact India’s export has also been declined since 3 months upto 0.8 %.
When we see locally, City Surat, which is known as business hub in many errands of economic achiever has also faced the crisis in industrial units. When industrial areas of this city were reopened new hotspots areas were emerged for spreading the virus which has to be taken on serious note.
Moreover, Indian government has banned Chinese product Under the act “MAKE IN INDIA”, so there are many opportunity for local marketers for launching their products on high scale. Through this act, many local retailers and buyers and sellers would have an opportunity on vast extent which will definitely show the increase level in profit margins of many local retailers. Hence, to the end, we can definitely say that retailers has faced many bad phases in their businesses but they have to explore the markets through e-commerce, making investment in online selling, using their capitalism and firm more in digital markets and encouraging their buyers to buy local made products by boycotting China products which will be useful for their customers and it will also rise their profit margins. Furthermore, they can overcome the losses they faced in lockdown periods and encouraging the act launch by government “MAKE IN INDIA”.
— By Mansi Bhagat