The Future of Retail Post-COVID-19
In a post-COVID-19 world, what fate is looming on the horizon for those in the retail space? While retailers are fervently and hopefully preparing for re-openings, the current circumstances are also instilling a sense of insecurity and hesitation. Retailers have a full plate when considering everything from adhering to new protocols safeguarding the public’s wellbeing, to implementing changes that are geared toward addressing the shifting mindset of the consumer—and it will require resiliency. But rather than seeing these necessary adaptations as an imposition or hassle, the wisest mindset to embrace is to consider them opportunities for growth outside of existing comfort zones.
The re-opening of stores will provide companies a chance to re-engage existing clients and, dependent on the creative strategies planned for and implemented, a chance to tap new customers as well. Ultimately, those retailers who genuinely care about their customers and work hard at cultivating environments that inspire trust and reassurance, are more likely to succeed than those who do not change how they do business. And while there is no single universal plan to fit every retailer, there are a few key techniques to be considered when evaluating how to re-structure their space or approach for acclimating to the new norm post-pandemic.
Customer Mindset and the Need to Listen The ecosystem of the retail industry took a hard hit; retailers closed stores, people lost their jobs and customers tightened their wallets due to the economic uncertainty. At the same time, consumers across the globe remain concerned about risking their health, with many sharing reluctancy to return to “normal.”
To alleviate health concerns, store owners need to increase safety measures. This can be done by re-designing the infrastructure of the space and facilitating social distancing which minimizes product interaction. They can also increase accessibility to sanitizing stations and provide options for delivery or curbside pick-ups.
For those consumers who are re-prioritizing their purchases to limit their spending, store owners must also recalibrate what their offerings will be moving forward. For instance, increasing the range of product SKUs that are at varying price points, might ensure a higher number of items will be better poised for purchase. No matter the reworkings needed to adjust to post-pandemic store re-openings, retailers must evolve by listening to what consumers value and demand of a store.
Get With the E-Times Small businesses, mom-and-pop shops and local retailers are all vital to any given community’s economy. You have heard it before, and you are hearing it more than ever today—shop local. This is exactly what many consumers are doing amid COVID-19. To show support to their local merchants while remaining close to home, consumers are shopping hyper-regionally. Whether shopping for groceries or picking up take-out, people are keeping their purchases close to home. However, shopping in-store can still pose a number of inconveniences including potential exposure to the virus and the time-consumption of trips out of the house—and in the long run, many shoppers may seek the convenience of the online shopping habits they developed while sheltering in place. Instead of letting this likelihood unfold, store owners need to implement feasible systems for individuals, that is inclusive of the availability of online shopping, to make shopping practical and contactless if need be. Perhaps these smaller businesses are not equipped to run a solid e-commerce business. In that case, store owners need to leverage any technology they can get their hands on—including communicating with consumers through social media. Where there’s a will, there’s a way.
Make Your Business “Local” As previously stated, consumers are shopping local with an aim to keep their money within the community. And while smaller businesses need to evolve in their own way to meet the demand of consumers, larger retailers and big box stores need to re-strategize their approach too. Pop-up stores, an innovative marketing tactic that was initially designed to temporarily test-launch new products or new markets at a low-cost commitment, may become more prevalent in the new norm as the tides shift for consumers. Big brands may have to pivot their marketing plans and budgets to facilitate larger brands appearing more regionally focused with potential pop-up experiences to help engage shoppers on a deeper level.
It would be wise of larger retailers to take this more regional approach to advertising and understanding the demographics of the areas in which they have locations. Increasing surveys and store feedback will be paramount to this initiative.
The pandemic is certain to revolutionize the industry for retailers of all sizes. With consumer preferences fluctuating and the future of retail approaching most of us far more quickly than anticipated, retail businesses must be malleable and remain continuously acquainted with changing customer needs. The future of retail post-COVID-19 will require receptiveness, adaptability and ingenuity from owners—whether that entails modifying a store’s landscape; providing consumers with more resources; offering extra options for purchases and deliveries; increasing customer loyalty and service; enabling safety measures to lessen the spread of the virus; or re-creating the wheel of the overarching marketing scheme—it all boils down to store owners caring about their customers and becoming a business chameleon in the industry.
This Article first appeared on Deign:Retail.