COVID-19 Impact on Brick & Mortar Categories
Gain an understanding of how COVID-19 is changing industries and retail categories that have traditionally relied on brick & mortar transactions.
- Some experts believe that COVID didn't cause the demise of brick-and-mortar shopping, but rather accelerated physical shopping's already declining popularity, as many shoppers were already opting for online options.
- However, others feel that COVID is merely weeding out weak competitors in the physical retail space, and companies that stay afloat will be able to reposition their brick-and-mortar stores for success given less competition.
- In some countries that are hard hit by COVID, as many as 50% of physical retailers may be forced to close for good.
- Physical retailers that had already invested in omnichannel solutions early on will be the best positioned to survive COVID via a diversity of revenue offline and online.
- Brick-and-mortar retailers are using home delivery options as a way to cope with the crisis.
- Other companies that were only brick-and-mortar have launched e-commerce options, but will likely have challenges keeping up with brands that have already established on online presence.
- It's also likely that as lock downs are eased, consumers will go to retail locations with pent-up desire to physically shop, but also have a new appreciation for what they really need given a period of not visiting shops.
- Consumers are also anticipated to demand more self-checkout and touchless options, as they will be more focused on the cleanliness of shops.
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