The State of Retail Post-Pandemic

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The State of Retail Post- Pandemic
Last updated on June 1, 2021 Dash Technologies
Inc Retail
How to optimize and get the most out of 2021
2020 Well, it could have been betteí.
Retaileís have pivoted and adapted like theyve
neveí done befoíe on shoestíing budgets, with
little planning, and a lot of viítual duct tape.
So, the biggest takeaway we can all agíee on? No
one can affoíd to íun theií business in 2021 the
same way. Plus, we all want a little bit of
noímal back, even if its a new noímal. We saw
íetail buying tíends that no one could have
píedicted. What consumeís aíe buying, and how
theyíe buying it have foíeveí changed. Befoíe
the coíonaviíus hit the U.S., just oveí 15 of
íetail sales weíe online oí otheíwise outside of
a physical stoíefíont in Januaíy of 2020. By the
time Apíil íolled aíound, that numbeí shot up to
about 20 of sales, and since then came back down
to about 16 of sales by the end of Septembeí.
Its been a íetail íolleícoasteí to say the least.
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Customers Expect More
Now, the big question what can íetaileís do to
plan betteí, smaíteí, and moíe cost effectively
going foíwaíd? lhe answeí lies in staying
connected with consumeís and meeting theií new
and eveí changing expectations. Lets bíeak it
down
lhe íush of new and existing consumeís using
deliveíy apps, cuíbside and in-stoíe pickup, and
home deliveíy will continue, so íetaileís need to
be píepaíed. If they weíe using a thiíd paíty
píovideí foí any of these seívices just to get up
and íunning, now is the time to consideí
bíinging it in house to make it a moíe efficient
paít of the Omni -channel shopping expeíience. A
íecent NY limes aíticle highlighted how
íestauíants that focused on using app- based
deliveíy seívices post-pandemic out of
necessity aíe now feeling the financial stíain
of this initial quick fix. With many of these
apps chaíging fees of 30 peícent oí higheí peí
oídeí, íestauíants aíe now looking to invest in
softwaíe of theií own to handle theií deliveíy
seívices, so that theyll actually see an ROI
long teím and
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meet the new expectations of theií customeís.
lhis is not just a competitive advantage anymoíe,
its a necessity. Customeí expectations will
continue to be higheí and customeí seívice even
moíe paíamount. Shopkeepeís and theií staff aíe
having a moment and upping customeí seívice at
eveíy level will only benefit íetaileís.
Peísonalization is also a big paít of this
pictuíe. Customeís want to feel special and that
they aíe getting a píoduct oí expeíience that is
unique to them. And they love to shaíe theií
expeíience, so customeí íeviews and feedback aíe
moíe impoítant than eveí The New Retail Landscape
Retaileís aíe going back to school, so to speak.
heíes a lot to leaín about social commeíce, the
new íetail calendaí, the blended íetail
expeíience, and so much moíe. Raconteuí íepoíts
lhe Futuíe of Retail highlights some aíeas íetail
should expect to focus on including the íetuín
of bíick and moítaí, the peísonal shopping
expeíience, setting a higheí customeí seívice
baí, smaít supply chains, and Aítificial
Intelligence (AI). As ouí woíld continues to
evolve, settle and find its new way of being, the
íetail shopping expeíience will need to adopt
íight alongside. Cíeating a seamless shopping
expeíience will allow íetaileís to adapt to any
unplanned shifts in buying habits oí
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tíends. Smaít supply chains will be impeíative as
we saw how fíustíated consumeís weíe duíing the
pandemic by lack of inventoíy, hoaíding and
deliveíy delays. Retaileís who may have put
physical íetail fiíst and digital second in the
past, will most likely be making a shift to
thinking digital fiíst. Social media selling,
apps and AI will be moíe impoítant than eveí. In
fact, expeíts see AI poweíed seaích as one of
the most impoítant tools in online íetail.
Consumeís who may have only been dipping a toe
into the pool of buying via social media aíe
doing in a biggeí way than eveí befoíe. Small
business is also having a moment, so shopping
small has its benefits whetheí youíe an emeíging
business oí a laíge íetail bíand looking to
connect with moíe small businesses. lhe íetail
calendaí could look diffeíent, so putting
solutions into place that allow íetaileís to
adapt to whateveí the futuíe looks like, will
allow them to woík smaíteí and fasteí Its all
about the Data Put simply, íetaileís need to make
suíe they aíe putting softwaíe solutions in place
foí 2021, and the focus should be on data. Many
íetaileís weíe alíeady undeí píessuíe píioí to
the pandemic, stíuggling to adapt to a gíowing
online woíld and seeing loweí maígins amid
tíying to keep up with the competition. lhe
Covid-19 outbíeak has just added to all of
this. loday, eveíy shopping jouíney is connected.
Weíe living in an Omni-channel woíld. lhat
means a íetaileí should be able to link data
insights fíom a customeís online behavioís,
in-stoíe shopping, and use this insight to see
oppoítunities to impíove the customeí
expeíience. Data points the way foíwaíd and
shopping data helps connect the dots. lhe
íeality is that shopping data is alíeady being
collected by eveíyone fíom seaích engines to
deliveíy seívices to social media companies.
Retaileís need to be accessing this data as
well. Consumeís leave a digital footpíint
eveíywheíe they go and at eveíy inteíaction.
Shopping data can influence eveíything fíom what
píoducts aíe in a stoíe, to wheíe theyíe
located, to how the stoíe layout and even wheíe
the physical stoíe location. Data doesnt just
help a íetaileís online shopping stíategies it
can díive decisions in stoíe too.
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Tools of The Trade

• So, what aíe the softwaíe needs at íetail to help
  set the stage foí this new íetail landscape? It
  íevolves aíound Development as a Seívice (DaaS).
  lhats píogíamming and coding on a píoject basis
  that connects machine leaíning, data science, and
  AI to youí stoíes apps, website, and moíe.
  Making a íetaileís back of stoíe, bíick and
  moítaí, online maíketplaces, logistics, and the
  customeí expeíience woík togetheí. cíeating a
  multichannel appíoach to connect eveíything that
  makes a íetaileí woík betteí, smaíteí, and
  fasteí. Whetheí its Point of Sale (POS), Oídeí
  Management Systems (OMS), oí Customeí
  Relationship Management (CRM), you need all of
  these key paíts of youí business to woík
  togetheí seamlessly.
• Retail Softwaíe should focus on
• E-commeíce
• Inventoíy contíol
• Point of Sale (POS)/payment píocessing
• Oídeí Management Systems (OMS)
• Customeí Relationship Management (CRM)
• Enteípíise Resouíce Planning (ERP)
• Inteíestingly, íetail sales thíough Novembeí 2020
  (excluding gas, auto and food seívices) íose
  6.6 as compaíed to the same peíiod in 2019,
  accoíding to the National Retail Fedeíations
  analysis of U.S. Census Buíeau data. lhis means
  that some íetaileís aíe alíeady adapting and
  adopting to gíow theií businesses foíwaíd. At
  the end of the day, any new softwaíe should be a
  gíowth tool that is an extension of a íetaileís
  business, not an unnecessaíy buíden.