Reshaping Retail – A Look At What The Future Holds
Quietly, subtly, the future is taking shape before our eyes. We hear snippets here and there and, putting all thoughts together, I see that we will have smaller stores, with more emphasis on brands and more alignment with different lifestyles. Despite the ongoing pandemic, intensified by the COVID-19 Delta variant, retailers have formulated new ways to reach consumers and run their businesses.
Here are some of my observations on how the pandemic has forced changes in the retail industry.
1. Digital shopping is now mainstream. We now live in an age where digital purchases have been accepted by a large segment of buyers – young and old. Stores are adapting to changing traffic and have learned to welcome customers who come to pick up merchandise, whether they have ordered on the Internet, in-store or outside the store.
2. The new stores are getting smaller and smaller. Whether it is a target
3. Zoom conferences are here. In many cases, they are here to stay. Although there have been conference calls in the past, Zoom has made conference calls easy, convenient and productive. It eliminates some extended trips and brings people together anywhere, anytime.
4. Brands are king. Whether it is Nike
5. The Client has become thrifty. During recent shutdowns, many of us got used to doing with less and reusing what we already had. There are financial worries that the pandemic has placed on some customers. There are many examples that show strong customer response to sales advertising. She also looks at her own wardrobe and rekindles some past purchases.
6. Second-hand clothes are popular. There is no doubt that second-hand luxury clothing was popularized by stores that in the past only sold new merchandise. The second-hand fashion clothing assortments respond to the fashion desire of customers while being both economical and more aware of the issue of waste and its impact on the environment. The customer loves labels and ThredUp, Depop, The RealReal, StichFix, Poshmark, Tradesy and many more assure us that it will be a $ 77 billion market in five years. Maybe some old dresses will make a third or fourth comeback.
7. Second-hand furniture is also popular. Old furniture – called antiques – has always been popular. Today, it has become a second category of growth for some of the same reasons we are seeing a growing interest in second-hand clothing. Very soon, the stores will be known not only for new fashion trends, but also for their vintage products for the home, as they will present antique furniture and clothing.
8. Global warming is causing lasting changes in the way we do business. The effects of global warming are visible everywhere. Stores are now taking action to reduce their share of global warming and customers are taking note of their efforts.
9. Shortages are breaking out. There are shortages everywhere – in food and basic goods. Costco and other retailers ration many items that are in short supply. Part of the problem is caused by overland truckers delaying delivery, others by delays at ports which could improve over time. Retailers are looking for answers to these supply chain disruptions. This will lead to new processes.
ten.Lack of associates. Qualified help is hard to find. Some companies are just looking for hot bodies to help customers. The government’s prolonged financial support has made retail jobs unattractive for the time being. Stores have raised wages and are frantically hiring help for the important fall and holiday sales season. Some additional stores are likely not to open on Thanksgiving Day because Best Buy
SCRIPT POST. Many other changes have occurred since the COVID-19 coronavirus hit us in March 2020. The pandemic has made us all tolerant of change and many of us have adapted to the new way of life. Change can be good. It can provide innovative ways of dealing with some age-old problems. Change can unearth old habits that need to be replaced with new disciplines. Customers love innovation and will support change. The new faces of competition will force everyone to look at their traditional ways of doing business and embrace the changes. Business will improve.