There is no doubt that the pandemic has negatively affected many countries in terms of economy. As social restrictions are implemented, people are not allowed to go outside unless it is to shop for essentials or medical purposes. In return, this affects businesses that rely on the continuous influx of customers to their stores to stay afloat. Many ventures are forced to close for the meantime, and some, unfortunately, permanently.
Local businesses experience no different. In April alone, a total of 8,663 businesses were closing down in Singapore. This figure shows more than double the number of closing ventures in March of this year.
More specifically, business entities in the retail and food and beverages (F&B) have the most challenging time during the pandemic. Retail outlets are allowed to reopen as long as social distancing is monitored. On the other hand, F&B dine-in is allowed, with the rule that no more than five diners are allowed per table. However, even if the country is slowly reopening and gaining back normalcy, many owners are still facing the aftermath of a long-time quarantine period.
Ventures are struggling to attract customers to their stores, especially places who are targeted to tourists. According to many owners, their sales are still 50% lower than the pre-pandemic days. Some even report days with no sales at all. As a result, many business operators are on the brink of shutting down. The number of F&B businesses closing down in Singapore totalled to 403 in April, while 918 retail stores ceased operation the same month.
This struggle does not only affect start-ups and small and medium enterprises (SMEs). Even bigger companies struggle to survive amid the pandemic. Due to the travel ban that many countries implemented, the airline industry has been significantly hit. Leading airline companies such as Singapore Airlines recently announced its first net loss in its 48-year history.
BUSINESSES GOING DIGITAL DURING THE PANDEMIC
Despite the increasing number of businesses closing down in Singapore, some industries have thrived amid the pandemic. There are still some start-up ventures who have popped out during these times.
It is reported that 3,800 business entities were formed in April. Around 693 new business entities opened in the wholesale trade industry, while 543 were registered under retail trade. The scientific and technical activities sectors also recorded 583 new business entities.
In comparison, these numbers still represent a drop from the usual 5,500 new ventures during the same month between 2015 to 2019. At the same time, this figure shows that many businesses find success regardless of the difficult circumstances brought by the pandemic.
Most of the businesses found solutions to their lowering sales by transferring their transactions online. The social restrictions cause low customer traffic to many physical stores. By going online, owners can reach potential customers without the hard work of encouraging them to go outside. This is fruitful as buyers are making their purchase via phone or computer, without leaving the comforts of their own home.
As a result, the government is now offering grants for business owners who are looking into transferring their stores to online platforms. Much bigger banking and IT companies are also helping SMEs in transitioning to the online landscape by offering loans and technology and internet training, respectively.
However, accessing these grants is not an easy feat. There is an application process where you need to meet specific requirements. Due to the demand, not all businesses can acquire such help. It doesn’t mean that you no longer have a chance to prevent your business from closing down.
Even if it sounds intimidating, digital marketing is something you can do on your own. There are many online resources where you can learn tips and tricks in creating an effective marketing campaign. Online courses are also available if you want a more comprehensive understanding of the field. You can gain the skill and knowledge you need even if you stay in your home.
With that said, not every venture owner has the time and resources to do digital marketing on their own. Certain industries have a hard time transitioning their transactions online, and doing online marketing on their own may cause more harm than good for their business. Especially now that many of your business competitors have gone online as well, you need to make your venture stand out. There is nothing to worry about as there are many digital marketing firms out there that can help you in your journey.
SEVEN WOLVES DIGITAL MARKETING FOR SMES IN SINGAPORE
Managing your business’ digital marketing strategies on your own is tough. Instead of planning them yourself, as mentioned earlier, you can hire a team of experts in this particular field, to do it for you. Seven Wolves has a team of digital marketing gurus that specializes in various aspects of digital marketing. The digital landscape is continuously changing. Having people, whose sole responsibility is to map-out that landscape for you, will assist your venture moving forward.
When working with us, we take all aspects of your business, including your budget. We offer packages, where you can get various digital marketing services for your business in Singapore that is worth your money. We can help you from creating SEO plans for running social media ads. We got you covered!
Hiring people to do digital marketing keeps you from the trial and error stage and gives you time to take better care of the other aspects of your business. We do it right because digital marketing is our business, and our business involves growing yours to new heights. Seven Wolves will help you thrive in digital marketing’s ever-changing landscape, and to do it better than anyone else.
Interested? Collaborate with Seven Wolves to put your digital marketing game to another level and introduce you to a world of possibilities. Contact us today.