Can Online Shopping Save Retail?
A new article by Entrepreneur asks if the devastating impact the Covid-19 Pandemic has inflicted on the retail economy has altered the way we shop, and changed the rise of e-commerce.
The current global pandemic has affected the retail economy so badly that "60 percent of listed businesses that shut their doors during the pandemic have permanently closed, including 48 percent of retail stores."
Covid-19 has resulted in many businesses turning to online stores to sell their products to combat social distancing. "Online grocery sales surged to $7.2 billion a month this summer, up from $1.6 billion last summer." Shopping methods such as kerbside delivery have also soared in popularity.
Why digital, physical, and Social need to exist in shopping
Why digital, physical, and social need to exist in shopping
Despite the in-person restrictions caused by our current global situation, shoppers still need to physically experience products such as shoes and clothes before purchasing. Customers don't want products to be blocked by a screen, and stores understand this. That is why slowly but surely, stores are letting shoppers back in, but with strict social distancing restrictions and cleanliness standards.
Shopping is a social pastime for many. Friends and family shop together and many people form bonds with staff members if they buy from a shop regularly. The fulfillment of social-shopping with friends and family simply cannot be replaced digitally.
How store 'Best Buy' is surviving the pandemic
U.S store Best Buy has taken minimal damage from the virus, "maintaining around 80 percent of its sales compared to the same time last year". It have done this by successfully integrating social, digital, and physical aspects of shopping, even during a global pandemic.
How exactly did Best Buy achieve this?
E-commerce has helped keep many businesses afloat during this pandemic, and without it, many more would close down.
The current global pandemic has affected the retail economy so badly that "60 percent of listed businesses that shut their doors during the pandemic have permanently closed, including 48 percent of retail stores."
Covid-19 has resulted in many businesses turning to online stores to sell their products to combat social distancing. "Online grocery sales surged to $7.2 billion a month this summer, up from $1.6 billion last summer." Shopping methods such as kerbside delivery have also soared in popularity.
Why digital, physical, and Social need to exist in shopping
Why digital, physical, and social need to exist in shopping
Despite the in-person restrictions caused by our current global situation, shoppers still need to physically experience products such as shoes and clothes before purchasing. Customers don't want products to be blocked by a screen, and stores understand this. That is why slowly but surely, stores are letting shoppers back in, but with strict social distancing restrictions and cleanliness standards.
Shopping is a social pastime for many. Friends and family shop together and many people form bonds with staff members if they buy from a shop regularly. The fulfillment of social-shopping with friends and family simply cannot be replaced digitally.
How store 'Best Buy' is surviving the pandemic
U.S store Best Buy has taken minimal damage from the virus, "maintaining around 80 percent of its sales compared to the same time last year". It have done this by successfully integrating social, digital, and physical aspects of shopping, even during a global pandemic.
How exactly did Best Buy achieve this?
| "Best Buy introduced its popular Geek Squad support staff and launched an app with social components such as the ability to access live support and make appointments. The company linked warehouse and store inventory so that local stores can fulfill online orders and hired in-store consultants to help customers discover products on site and then buy them online. They also began offering free in-home consultations to build trust in their brand and become the preferred supplier. These features helped create strong, faithful relationships with customers who don't want to navigate electronics purchases alone - even during a pandemic." |
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