What is the Secret Recipe to Retail Success Post COVID-19?

 

As the COVID-19 virus continues to shape the retail space, we see a new pattern emerging that will streamline a new retail landscape.
Soon, we will have an evolved retail space with the recipe for retail success in the post COVID-19 era.
Here’s what the pandemic has taught retailers these past few months.

• Consumer behavior is changing.
• We have to accelerate digital shopping and omnichannel retail to adjust to the new consumer behavior.

And this is precisely what the new retail landscape looks like – Going Digital.
So, here are a few ways you can combat the effects of the pandemic and win in the retail space post COVID-19.

1. Go Online to Keep Your Customers

We already know how crucial marketing and advertising during a crisis is. If a retailer does not rigorously advertise, they will end up with sales loss.

The ultimate purpose is to keep your customers interested. Advertise and market your product to engage with them and keep them interested.

Let’s take Nike as an example. Nike made the premium version of the Nike Training Club app free for everyone during the pandemic. Since Nike has the app connected to its highly active eCommerce store, its online sales hiked to 79% which is 30% of its total revenue, a goal that was initially set for 2023.

It’s time to interact with your customers, learn their behavior, and build an online experience that will mutually benefit you and your customers.

2. Encourage COVID-19 Protocols and Provide Self-Service Solutions

Shoppers are following the government protocols of social distancing and limiting their interaction with other people.

Here’s what a retailer can do: provide self-service solutions to support the behavior of their customers.

Innovative AI-powered solutions, facial recognition, infrared technology, and more digital in-store experiences can make shopping during the COVID-19 easier for customers.

Retailers can introduce chatbots and self-service tools to encourage contactless shopping and payments via smart tablets, digital kiosks, and robots.

COVID-19 is shaping human behavior for the future. So, even after the pandemic has subsided, the shoppers will proceed with caution and demand more control over their shopping experiences.

Cutting-edge technology to promote self-service will make shopping highly intuitive, faster, easier, and safer for customers.

3. Accelerate Omnichannel Retail

A retailer’s ultimate goal is to provide a seamless customer experience across all channels of shopping.

So, whether a customer is shopping at a brick and mortar store or shopping online from their mobile screens or laptops, the unified omnichannel shopping experience will hike sales and garner customer satisfaction.

COVID-19 has encouraged retailers worldwide to adopt an omnichannel retailing strategy to provide a fully-integrated, uniform shopping experience to customers.

You do not immediately have to pull out the big guns. Start small, evaluate customer behavior, devise customer-centric strategies, and introduce them to tools that provide a unified shopping experience across all channels.

Wrapping Up

So, here’s our take on retail success in the post COVID-19 era.

It all depends on how retailers leverage technology to cater to revised and completely evolved customer behavior.

Going digital and adopting a customer-centric approach to retailing is the secret recipe for retail success post COVID-19.

Author:- Mr.Gagandeep Singh
Dated:- 15/07/2020