Although the most urgent effects of the COVID-19 pandemic may be behind us, some aspects of our lives have been irrevocably transformed.
Among the most notable is the retail landscape, which has been forever modified and diversified thanks to the shutdowns and turbulence of 2020 and beyond.
Understanding trends in this space is vital for any consumer or business owner seeking to get a grasp on the present and the future of the sales environment.
Hybrid shopping gains prominence
Businesses are increasingly providing a unified shopping experience to their customers by giving them varied ways to buy. These include in-store, online, and even via mail order.
With the support of a modern retail POS system, today’s retailers can integrate the consumer shopping experience across a full array of channels. A buyer might first encounter the store after seeing a social media post and then click over to their website.
Once they view the shop’s selection of products, they could make a purchase via the store’s ecommerce platform, go to the physical location, or even call in an order over the phone.
Like nothing else before it, the pandemic pounded home the importance of diversification. It was businesses that could obtain goods from disparate sources and market them in a variety of ways to meet customers’ needs that garnered the most success.
Digital transformation is still happening
Ecommerce, digital and contactless payments, and virtual shopping experiences keep transforming the retail landscape.
Technology continues to be at the forefront of our post-pandemic world. The tumult created by COVID-19 accelerated the drifts toward ecommerce, the contactless card reader, and the virtual shopping experience that were already happening.
Five years out, consumers are increasingly ditching cash and even plastic cards in favor of paying with their smartphones and wearable devices.
Even so, security remains a priority as customers increasingly demand robust privacy and data protection during all facets of the shopping journey.
Safety and customer well-being remain priorities
Long after pandemic protocols were lifted, shoppers continue to appreciate it when retailers focus on their safety. This is still occurring through the prioritization of cleanliness, contactless payments, and touch-free ways to complete purchases.
If nothing else, the pandemic helped us to see just how germ-ridden our daily lives were. Retailers have not forgotten those lessons, and neither have their patrons.
As a result, sellers have not given up on many of the protocols that they instituted in 2020 and 2021. Hand sanitizer is still widely available at checkout counters, and customers continue to be offered the chance to pay using the merchant’s contactless card reader.
Additionally, curbside pickup remains available with many retailers, offering customers a seamless and touch-free finale to their purchase. This trend has also had a positive impact on chargebacks.
Personalization is key
Offering a customized experience is more relevant than ever. Retailers are using data analytics and social media trends to gauge consumer preferences and are developing customized marketing strategies.
Today’s buyers are not content with yesterday’s cookie-cutter sales milieu. With so many choices available on a global scale, shoppers are now demanding a tailored experience designed just for them.
Not surprisingly, technology is spearheading and abetting this move toward personalization. With the help of their retail POS system, retailers can create reports that segment customers, identify individual buying histories and patterns, and help forecast future sales.
Additionally, sellers are able to use their software to create and manage engaging loyalty programs that incentivize repeat visits and even reward referrals. The result is a curated buying experience that makes each individual feel heard, seen, and special.
Improved supply chains
The ways by which products are sourced and delivered continue to optimize post-pandemic. The result is added resiliency and diversification.
During and even after the worst of the COVID-19 lockdowns, it became patently obvious that the global supply chain network was broken. Clearly, it needed immediate diversification if businesses were to get back on their feet again and withstand future catastrophes.
The attention that has been paid to enhancing the global supply chain has borne fruit. The result is a network that is more resilient and diversified because diversity and local sourcing have become high priorities for virtually every industry.
Sustainability matters
Consumers are cognizant of the environment and their impact on the planet. Consequently, retailers are building sustainability into product procurement, packaging, production, and their operations as a whole.
Climate change is never far from the headlines, and consumers are changing their behaviors and focus accordingly. In response to their demands for sustainability and eco-friendliness from their favorite brands, retailers are changing their own practices.
Today’s companies are making very public efforts to reduce their footprint on the planet. This is happening with modifications throughout their operations and practices.
Sellers are adopting various strategies to become more environmentally friendly, such as partnering with eco-conscious shippers and modifying their packaging and production. Additionally, they are offering customers options for recycling products once they are no longer needed.
No one would want to willingly repeat the terrible year that was 2020 or the ongoing disruptions that followed even after the worst of the pandemic ended. However, many of the evolutions in the retail landscape that were born or were accelerated during that time seem to be here to stay for the long term.
In many cases, retail is better for the added diversification, focus on safety, and concentration on creating a personalized and environmentally sustainable customer experience.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
