Retail will never be the same again: the future of retail

CEO Magazine

The coronavirus pandemic has convinced many CEOs that what is actually happening was going to happen in the future. Retail has been hit badly. 

“Retail will never be the same again. There is no turning back and no returning to normal; the future just happened,” said Kelly Slessor, founder and CEO of personalised mobile shopping app Shop You.

“The retail industry was already on course for a huge shake-up and with lockdown forcing the closure of shopping centres and retail stores. The industry has been forced to act.”

COVID-19 has spurred a massive change for the retail industry. Retailers have been scrambling to adapt. As physical stores closed, consumers have shifted to online shopping. As a result, this has forced retailers to create new ways to ensure business continuity and optimise e-commerce business functions. To survive and thrive, retailers need to take advantage of online technology and tools.

Many trends will come out of a post-COVID world. The drastic shift from in-store to online is not going to change to its previous state, after the pandemic has passed. Shoppers will continue to go to the physical store. However, their behaviours will change. It is more likely that customers will visit physical stores less and spend more when they do come.

Retailers will need to provide an immersive experience.

Read more at The CEO Magazine.