Many companies refuse to forecast profits due to falling consumer demand and the economic downturn. However, changes in working culture have a positive effect on the financial results of electronics retailers. “Due to the fact that during the outbreak of COVID-19, more and more people work and study from home, the demand for Internet services, as well as for phones and tablets is growing,” said Park Sung-soon analyst at Cape Investment & Securities. To support online retailers, Asian companies such as Alibaba, Tencent and Baidu offer their customers free access to premium features on their platforms.
The growth in the number of employees working remotely around the world has pushed the demand for used and refurbished mobile devices. To continue working outside of the office, people need to buy the necessary equipment, but many of them do not want to buy the latest, and therefore, the most expensive smartphones and tablets. Instead they prefer to buy used and refurbished mobile devices for reasonable prices. Thus, sales of new smartphones fell by 38% compared to the last year's numbers. A total of 61.8 million devices were sold in February 2020 (99.2 million in February 2019).
Prices for mobile devices are rising not only due to the increased demand, but also because of the fears of supply disruptions. According to the survey conducted by the IPC International Industry Trading group, about 69% of electronics manufacturers noted suppliers' delays by an average of three weeks. Half of the respondents expect business to normalize by July, and almost three quarters of respondents believe that only by October companies will be able to restore their work processes. But fortunately, a sharp rise in Purchasing Managers' Index (PMI) in China indicates that many local mobile industry companies have already recovered from the quarantine.
Due to the fact that everyone is forced to transfer their business to working remotely, the challenge for everyone is quite similar – to minimize costs without losing revenue. At NSYS Group, we offer you a couple of tips which will help you to survive during the quarantine period and modernize your business:
- Analyse the quality of your business.
Run polls, talk to your customers. Now they definitely have some time to answer your questions, while you have time to analyze what can be improved in your work processes in order to reduce RMA and increase customers' loyalty. Positive reviews can be posted on your website. Customers' constructive feedback helps us to constantly enhance NSYS Tools.
- Consider moving your business online.
Choose a suitable trading platform and run an advertisement. Due to the quarantine, more and more people make their purchases online. In the meantime, set up more convenient and more accurate delivery of products to your customers. In addition, in order to increase the quality and speed of diagnostics of used and restored mobile devices, you can use NSYS Tools. Learn more on how to smoothly transfer a business to a remote mode with our help here.
- Learn how to work remotely and on-board your employees.
Working remotely has its own advantages. For example, you will not have to pay rent for premises - savings on rental spaces and other office expenses may reduce costs by 20-30%. Moreover, it is a perfect moment to discover the latest technologies and implement them in your business. For instance, your company’s database can become cloud-based, so you could access it anywhere. You’ll have an opportunity to manage outputs of your staff remotely. NSYS Tools allows you to track the productivity of each employee, regardless of their geographical location.
Despite the difficult conditions, NSYS Group will continue working for you as before. Contact us and our 24/7 multilingual technical support will help you to customize our software for your business. Request a free trial of NSYS Tools right now.