During the pandemic, the retailers have taken risks, pivoted quickly and reinvented their industry.
FREMONT, CA: Most retailers were forced to temporarily close due to the coronavirus outbreak, which kept customers away and forced retailers to bargain with landlords and suppliers to deal with unscheduled inventory and liquidity problems. The factors that have forced hundreds of retailers into bankruptcy in recent years remained in place.
Technology will be at the core of all areas of the business for those who succeed and prosper. Technology investments will be significant for any retailer that did not already increase innovations during the pandemic in the supply chain, e-commerce, and store operations, to merchandising, promotions, and shopper engagement.
Even when companies have reached a new era of commerce, retailers are undoubtedly prepared to meet any obstacle that comes their way in the coming year. While the following trends emerged out of necessity, they will continue to influence the retail industry in 2021 and beyond.
Subscriptions for Recurring Revenue
The year 2021 will be the time for subscriptions because they provide customers with a convenient way to purchase their favorite items and explore new ones. Whether by curated boxes or monthly membership fees, subscriptions are a simple and customized way for retailers to create loyalty and recurring lockdown sales. It is also a convenient method for customers to replenish shops without leaving the house.
Flexible Payment Options
The COVID-19 pandemic affected not just how people shop but also how they expect to be paid. Retailers are expected to process payments anywhere, at any moment, with zero communication to prevent losing sales. Contactless payment technology has been improving for years, but the pandemic has accelerated its adoption, which is expected to continue in 2021.
Enhanced Loyalty Across Channels
Retailers have always appreciated loyalty program, but with the advent of omnichannel shopping, it will be much more important for tools to be incorporated across all platforms. Customers would expect retailers to interact and reward them in their e-commerce stores in the same way they do in-store.
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