Why COVID-19 Has Changed Retail for the Better

Coronavirus has touched every aspect of our lives. From our personal lives to the economy, it seems nothing has been spared COVID-19's wraith.

However, in spite of the utter devastation COVID-19 has wrought on our health and sense of safety, our future is not all doom and gloom. In fact, the novel coronavirus has shined a light on many shortcomings in our society, and the nature of the virus means that we can no longer ignore them.

When it comes to the “new normal” we are faced with, the retail space is going to be changed dramatically and irreparably. Businesses can either adapt by changing their best practices to better meet the needs of the consumer, or they will fade.

The retailers that will survive the wreckage of COVID-19 will be those that take a consumer-focused approach to business, who understand that the way consumers spend money will be transformed going forward.

Here are some reasons why some changes in the retail space are for the better.

Subscription Services

Subscriptions are no longer the exclusive domain of streaming services or digital content. Now, there are innumerable ways to meet any need you might have from the sanctity of your home.

There is a subscription service or subscription box for anything you can think of. For example, Amazon has subscription options available for many of its replenishable goods, such as toilet paper or dog food.

But you can find very niche subscriptions, too, such as kidpik, a kids clothing box delivering personalized outfits to your door with no fees for delivery, returns, shipping, or the styling itself.

Flexibility

The nature of COVID-19 means that retailers need to be flexible and patient with consumers if they want to retain them going forward. Customers are stressed, emotionally fraught, and the last thing they need is to deal with another unsympathetic, unscrupulous business.

So, businesses that want to survive have been taking note. They have been going above and beyond to improve the experience their customers have shopping with them. KidPik’s clothing box subscription cuts out all unnecessary headache for parents and leaves nothing to chance, offering free returns, a 7-day try-on period, and even includes shoes in every box.

In the age of the coronavirus, every business should be answering the question of how they can help their customers weather these uncertain times.

Return Policies

After COVID-19 hit, some retailers amended their return policies to be even MORE strict. However, plenty of others heard the collective outcry from consumers and took a different approach.

Many companies have extended their return windows drastically, sometimes indefinitely, to accommodate the unpredictable needs of the consumer in a COVID-19 world.

In some extreme cases, some companies have eliminated the need for returns entirely, in the interest of protecting their employees, and will go out of their way to fix consumer problems without the need for physical returns.

All in all, the coronavirus has certainly pushed the pendulum swing of return policies to favor the consumer.

No Crowds

It goes without saying: the COVID-19 pandemic will necessitate a little more breathing room for all of us when we venture out into public.

But let’s face it.

Who doesn’t love the prospect of having to deal with less crowds?

Enough said.

Increasingly Local

Traditional high street style markets are increasingly attractive to the consumer in this COVID-19 era. The open nature of the streets and the smaller store size make people feel safe when they go to shop.

Plus, during a pandemic, people are going to feel more camaraderie with their neighbors. People will want to support their local businesses when they can, knowing small businesses are in BIG trouble.

Plus, figure that the big box stores are usually overcrowded and will gravitate naturally to lesser known establishments, even if they are a little more expensive.

Better Deals

There isn’t anything particularly novel about the coronavirus which has pushed the market to favor buyers. Pre-COVID-19, people who shopped retail at brick-and-mortar stores were generally willing to overlook inflated prices.

In exchange, they were participating in a ritual, they were out in the world, socializing, etc. There were invisible benefits that could not be measured in dollars.

The reality is that, while online shopping was always an option pre-COVID-19, shopping in person still had enough unique charm and appeal to draw in customers. But online shopping was always a better option for consumers when it came to price, and this remains true today.

Why? For one, consumers can compare prices more quickly and easily online than they can in person. Everything is just a keystroke and a search bar away!

Secondly, online shopping cuts out the middleman. Online retailers don’t need to pay rent, they don’t need to pay for store associates, and therefore they have the option of giving you the most competitive price possible.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes