The COVID-19 pandemic has impacted the world in ways we could never have imagined. One of the most significant changes has been the way we shop. As lockdowns and social distancing measures forced people to stay at home, online shopping became more popular than ever. But that's not the only impact COVID-19 has had on retail sales.
Here are five ways the pandemic has changed the retail industry forever.
Increased Focus on eCommerce
Before the pandemic, e-commerce was already on the rise. However, with the pandemic forcing people to stay home, online shopping has become the preferred way. According to a report by IBM, the pandemic accelerated the shift to e-commerce by five years. With physical stores closed or operating at reduced capacity, retailers already invested in their online presence were better equipped to weather the storm.
Even as physical stores reopen, e-commerce will likely remain a significant part of the retail landscape. Consumers have become accustomed to the convenience of shopping online, and many will continue to do so. Retailers that have not yet invested in their e-commerce capabilities risk being left behind.
One another aspect that helped them grow their business is custom printed retail boxes. High competition exists in the retail business, but this feature helped many retailers to get individual identities.
Contactless Payments
The pandemic has also accelerated the adoption of contactless payment methods such as Apple Pay and Google Wallet. With many consumers wary of handling cash or touching payment terminals, contactless payments provide a safer and more hygienic option. According to a survey by the National Retail Federation, 67% of retailers have implemented or are planning to implement contactless payment options.
Contactless payments also offer convenience and speed, making them an attractive option for consumers. As a result, contactless payments will likely stay hype even after the pandemic ends.
Increased Focus on Health And Safety
The pandemic has heightened consumer awareness of health and safety. Retailers have had to take measures to ensure the safety of their customers and employees, such as providing hand sanitizer, enforcing social distancing, and requiring the use of masks. These measures will likely remain in place even after the pandemic ends, as consumers will continue to expect high cleanliness and safety in retail environments.
Retailers investing in their health and safety protocols will likely gain a competitive advantage. Consumers are likelier to shop at stores they perceive as safe and clean.
Shift to Local Shopping
The pandemic has also shifted consumer behavior, with many people shopping locally. With travel restrictions and concerns about supply chain disruptions, consumers have turned to local retailers to meet their needs. According to a survey by Accenture, 60% of consumers said they plan to shop more at local stores in the future.
This shift to local shopping presents an opportunity for small businesses. Retailers that can provide a personalized and localized shopping experience will likely attract customers who value supporting their local community.
Increased Focus on Sustainability
The pandemic has also highlighted the need for sustainability. With the world coming to a standstill, we could see the positive impact on the environment. As a result, consumers are becoming more conscious of their environmental impact and are looking for retailers that prioritize sustainability.
Every product we use wraps in a packet we throw after usage. This human action generates land waste, but to overcome this problem, many companies are introducing eco-friendly custom retail box packaging for different retail products.
Retailers prioritizing sustainability can differentiate themselves from competitors and attract environmentally conscious consumers. This could involve everything from using eco-friendly packaging to sourcing products from sustainable suppliers.
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