As things are now, it would be impossible to discuss the present and future of the retail industry without considering Covid-19 and all its spiraling effects on retail. The epidemic has had the most significant and the heaviest global impact on retail in recent history, with most of it being negative.
As we progress towards the last quarter of 2020 and the beginning of 2021, the industry must accept and adapt to the changing situations quickly. The period of survival strategies is nearing its end and a new resurgence timeline is about to begin in retail. Stay with us as we discuss some of the key factors that must be acknowledged and accommodated by the industry if it has to resurface and succeed in 2020 and beyond.
Adaptive and Multifaceted Planning is Essential
Everything seems to be changing rapidly, along with the global economy. Therefore, having an outdated or even updated but rigid strategy is no longer feasible in retail. In order to succeed in view of the present developments, retailers have to adopt dynamic plans with multiple facets.
Being an offline only retailer may not be ideal anymore because it doesn’t factor in the present situation. At the same time, a plan must be there to capture the offline customers’ attention, once they begin rush in soon. We will get to both aspects in more details next.
Online Retail Options Must be Presented by Every Retailer
Online retailers in some segments have enjoyed tremendous booms, while some of their offline counterparts in the same industry have suffered losses beyond recovery. If anything, it cemented a fact that was already true even before Covid-19 emerged – having an online eCommerce website is not optional anymore for retailers of any size.
There might be certain sectors that cannot have an all-inclusive online store, but even for those sellers, a basic online presence is necessary to find and market to the right audience now.
Preparing for the Boom in Offline Stores
Millions of people are either cooped up at home for months or they are only going out for essentials. Imagine what will happen once people do get vaccinated in early 2021. There will be a huge boom in offline sales as people will finally be able to visit malls, shops, restaurants, cafes, nightclubs, etc. in groups, without having to care about social distancing. Despite having the option to shop online just as before, there is a high likelihood of customers choosing to go out and shop, simply because they have not been able to do so for so long.
Fashion and beauty in particular are going to experience the biggest booms in retail since people will finally be able to or need to go out and buy clothes, take care of their appearance in public, and do all that safely. Visual marketing will play a huge role for offline retailers if they wish to capitalize on the coming rush.
If you have an apparel store inside a mall, or you own an independent shop on a busy fashion street, check out the many different types of mannequins available, choose the ones that best suit your collection of clothing, and get ready to display your best pieces on them once the rush begins.
This situation has the potential to boost conversion rates for offline, visual marketing methods higher than it has been ever before in recent history. How well a retailer is able to use that to their advantage is going to determine who succeeds in late 2020 and beyond.
There’s only so much that the analysts and experts can predict, which is why the aforementioned necessity of keeping your strategies open to new changes is going to remain just as valid for the foreseeable future. Nevertheless, with authentic vaccines coming out soon and even the possibility of a cure not being out of question, a resurging boom in retail is almost assured.