According to Eurostat, the retail stores in the area have already recovered 92 percent of the sales they had in February
In Statista data, since May that a positive monthly evolution of earnings has been registered in the United States
By March, global ecommerce sites were already generating 14 billion joint monthly views
There are several events that prove how painful the adaptation of retail to the pandemic has really been. Target and Walmart have had to radically change the way they operate to interact with consumers. Countless companies have had to fire thousands. And large commercial groups are closing stores, even permanently.
Several experts confirm that the most difficult moments of retail are just about to come. The HBR ensures that many of the consumer habits will be sustained over the long term. And according to The Atlantic, the same streets will be different due to the physical changes in the premises. What does the future hold? According to Dunnhumby, eight concrete trends are drawn:
Popularization of essential products in retail
As experienced at the start of the pandemic, those categories essential for survival (such as food) are expected to grow. Clothing and fashion items will register a sharp decline, as the public becomes much more careful with their spending. You will also see a trend towards trying to find the highest possible value in products for your money.
Local businesses will dominate the shopping environment
A specific change in the pandemic was in the social aspect. Many people began to realize that, for a good economic recovery, they had to support smaller businesses. This means that supermarkets and large retail chains should gain greater post-pandemic relevance. And small companies will become more popular.
Food preparation at home: Side effects for retail
As part of this new awareness of spending, the popularity of cafes, restaurants and other similar venues is also expected to decline. People will prefer to go to the retail and buy ingredients and supplies to prepare their own food. This implies that there will be important sales opportunities that can be exploited in the short and medium term.
Greater emphasis on health and wellness
Another of the trends that retail will inherit from the pandemic will be the public’s increased interest in health and wellness supplies and products. As the audience will become more aware of the importance of their physical integrity, they will spend more on cleaning products. At the same time, it is expected to see growth in categories such as healthy foods and supplements.
Turning point for online retail
It must also be recognized that the pandemic has helped to take off sales methods through digital channels. In this sense, consumers are expected to continue to demand brands, especially in retail, to be able to carry out their consumption through online platforms. The above implies, apart from worrying about the security and protection of transactions.
Greater expectation on digital channels
It is also important that retail brands know that, with the popularization of the online environment, the demands of how they want their digital experience to be increase. This not only involves ecommerce, with more dynamic remote sales. It also means that marketing, consumer interaction, internal processes, etc. will have to be strengthened.
Brand image and the future of retail
Another trend for the sector will be the Corporate Social Responsibility (CSR) part. In the wake of the pandemic, many people demanded that brands be more than business. They were required to be directly involved in community improvement. In retail it will still be crucial that companies, long after the crisis, continue to improve their entire environment.
Strong future market
Despite these challenges, retail is expected to continue to strengthen in the long term. This, due to the consolidation of the industry and the simplification of many business processes. Since it is expected that there will also be several business alliances between organizations, it is very possible that the way the sector and its different agents operate will be completely transformed.
SUBSCRIBE TO PREMIUM CONTENT FOR ONLY $ 299