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In a Post-Coronavirus World, What’s Next for Retailers?

By June 25, 2020 July 27th, 2020 No Comments

Around the world, countries are beginning to loosen their lockdown restrictions. For many businesses, the pandemic has forced them to change their operations in order to stay afloat. From contactless payment to e-commerce, the face of retail has evolved tremendously, and although the curve is flattening, this evolution is showing no signs of slowing down.

As stores begin to reopen, retailers need to be able to provide their customers with an immersive and engaging shopping experience paired with social distancing and other safety measures. In order to achieve this, businesses are increasingly turning to digital solutions. For example, coffee chain Starbucks is ramping up it’s online presence through it’s proprietary app which allows customers to order and pay ahead of time.

On the topic of payment, many retailers have taken a contactless approach to their payment options in order to minimize the handling of cash. Ayushi Tandon, FinTech Analyst at GlobalData, commented: “The pandemic induced surge in e-commerce from existing shoppers and an influx of new consumers, notably for grocery, food delivery, health and other supplies, has accelerated the digital payment adoption that was sluggish and varied by country until 2019. At the same time, consumers see contactless payment methods as the safest bet to pay in-store.”

For in-store shoppers, retailers have started to explore solutions that keep contact to a minimum, such as Digital Smart Labels™. With instant price updates, retailers can eliminate the need for employees to manually update pricing, which greatly reduces the transfer of bacteria while also maintaining accurate pricing across both online and offline channels.

While normalcy may still be a ways off, one thing is for certain: adapting to and thriving in a post-coronavirus world will require digital change at an extraordinary pace, but there is a clear opportunity for companies to take hold of the situation and thrive.