INdustrycTceh INsight Logo

Erupted Pandemic and the Precarious Scenario of the Retail Market

Erupted Pandemic and the Precarious Scenario of the Retail Market

March 2, 2020: Pick up in-store approach or buying online is not anymore a new concept in the retail market, rather it is the only way for purchase as per the safety is concerned in this pandemic and maybe post-pandemic as well. It was predicted that the retail market of the “clicks and collect” type would channel business of $35billion. But the pandemic has pushed this prediction towards the higher end. 

The pandemic is going to kill weak retail brands. This spurred the retailers to develop a process that is technically sound and consumer-friendly, which will help them to get back into business with digital technology. This digital technology should offer a lot to the consumers so that the prices are affordable and appealing in this crisis. In the click and collect category, the retailers can avoid the shipping charges or keep it minimal. Pick up stores can digitalize and make it clear to the buyers the availability of the products so that the consumer need not travel to the store all the way and find out that the product is out of stock. To avoid the shipping of goods in the same city, the retailers can provide an option of pick up from the store option to the customer to avoid the wait and ensure immediate delivery. Stores can also have the provision of booking appointments for the customers to sneak into the retail shop taking care of the safety in this pandemic. Base on the customer loyalty some brands can survive provided they train the staff to be in touch with the customer and assist the customer from the login until the order is placed. 

Restructuring of the stores and the cost of the products is a must in this pandemic and also until a few months post-pandemic. Product packaging has to be redesigned as customers prefer contamination resistant hygienic packaging. The supply chain of the retailers must aim at efficient and rapid order fulfillment. There is a need to up-train the associates in the retail stores so that they have digital fluency and give optimal service. 

Retailers must have future state vision and not merely looking into the current business prospect. The retailer chain can avoid the reopening of the underperforming stores and rather turn it into just a pickup point for the online orders. Also, another business move can be training the staff to sell the products online on the platforms accessible to the public or social media. Better planning of the staff shifts is the need to provide maximum service in the wee hours in this pandemic. At this point, it’s not about who makes the maximum money it is just that who survives the precarious conditions to bounce back post-pandemic.

What matters most is how well you walk through the fire – Charles Bukowski.

About Us

We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.

Recent Posts