Recession is an inevitable evil dealing with which is essential for businesses to exist and prosper. Financial experts have cracked the code and have lately understood that entrepreneurs might have to deal with the recession; that’s not too far away! Here are a few tricks of the trade that could help eCommerce entrepreneurs recover losses, reduce the long-term impact of the pandemic, strengthen the business profile, increase sales and profits, and build a recession-proof eCommerce business. 

• Be Nimble – Entrepreneurs must focus on strengthening their ability to make quick decisions without any bureaucracy. Bureaucratic decisions are often backward-looking, hinder transparency, and the extensive rules could minimize freedom. Learn to make quick decisions, especially during uncertainties. Set up clear goals, learn to prioritize, eliminate unwanted paperwork, and empower those ideas that can shape a great future for your business. 

• Reduce Dependence – One thing that the pandemic has taught us all is to diversify! Adapt to the circumstances and immediately shape your sales, advertising, and marketing channels. Research, analyze, and add more channels to scale your business, reach a wider audience, and sell better. Pivoting quickly, adding all possible alternatives, switching from one to multiple sources, and adding flexibility, can revive your old business plans. 

• Increase Efficiency – Ensure that the organization aims to achieve department-specific and united goals. The mission and vision of the company should be the centralized theme while operating for maximum productivity. Focus on automation wherever possible, find best practices to produce, market, and distribute, have strong margins, limit interruptions, evaluate the procedures, focus on accuracy, and build the overall efficiency of every department for fruitful results. 

• Outsource – While making your business recession-proof could be overwhelming, do not be frugal about the essential processes that directly drive sales. Outsource wherever required and possible, search for great talent from across the globe, and don’t just rely on domestic employees. Retain margins and choose people with skills that serve you diverse, new, innovative, and attractive solutions for the long run in the chaos. 

• Be International – The Internet has broken global barriers; why only ship to your country? eCommerce is one such thing that thrives only when it goes international! Grow your business multiple folds, reach a more comprehensive set of customers, expand brand awareness, and fight product saturation-related concerns. Leverage profit margins in other currencies, enjoy a reduced product replacement and returns rate, and scale up when you ship globally. 

• Focus on Affordability – Increased inflation leads to lower spending habits, so focus on selling affordable goods, good quality, durable, and relevant to the general public. Lower pricing retains existing customers and attracts potential ones. It lets your brand name reach out to more people, building a reliable and regular income source. Your database boosts, you get expansion opportunities, and ultimately, the customers prefer you over the competitors!

• Reduce Cost – Every company carries deadweight, time to take your company to the gym and shred some on the way! Every penny counts in such a dynamic and uncertain economy, so take one step back and evaluate your expenses. Cut production costs, use modern marketing tactics, build efficient strategies, use virtual technology at its best, and enhance your employees’ skills. While you perform cost reduction, do not compromise the quality. 

• Train Employees – Talent that can wear multiple hats, especially for small or mid-sized businesses, could help you outshine larger organizations. During uncertainties or emergencies, your employees must be able to perform and excel in their areas of work. Employ people who understand the expected outcome, who are accountable and take ownership and people who are ready to go beyond limits. Train them and retain them! 

• Focus On Noncyclical Businesses – Noncyclical operations do well when faced with economic downturns. Try to expand into products or services that are necessities, essential goods, or partner with others. Customers only tend to spend on crucial goods when the economy is low, salaries of jobs are reduced, and purchasing power is less. Showcase the morality in you and utilize the strength of necessities daily. 

• Roll up your sleeves – Analyze, strategize, invest, and predict all you want, but there will still be certain upfront, uninvited, and surprising challenges that you need to deal with heads-on! Roll up your sleeves, remain agile, rely on predictable processes, act smartly and rapidly, stay open to suggestions and negotiations, deploy learning from past mistakes, and have the patience and courage to deal with whatever comes your way!