{"id":1350,"date":"2020-06-07T18:30:27","date_gmt":"2020-06-08T01:30:27","guid":{"rendered":"http:\/\/www.agiliron.com\/blog\/?p=1350"},"modified":"2025-10-20T04:47:44","modified_gmt":"2025-10-20T11:47:44","slug":"5-ways-the-covid-19-crisis-will-change-retail-forever","status":"publish","type":"post","link":"https:\/\/www.agiliron.com\/blog\/5-ways-the-covid-19-crisis-will-change-retail-forever\/","title":{"rendered":"5 Ways the COVID-19 Crisis Will Change Retail Forever"},"content":{"rendered":"

How the coronavirus is shifting the landscape and ways you can respond.<\/strong><\/h2>\n
\"How<\/strong><\/div>\n

Source<\/span><\/i><\/a><\/p>\n

The COVID-19 crisis has changed the world as we know it. Thurst into a state of isolation, we\u2019ve all had to change the way we work and live. As the pandemic rages on across the globe, a return to \u2018normality\u2019 doesn\u2019t seem feasible yet.<\/span><\/p>\n

As people change the way they shop and consume, many retail brands have responded with innovative measures to meet the needs of their customers.<\/span><\/p>\n

This level of innovation, coupled with the sheer will to offer direct value to people in need, has changed the retail space as we know it. As the crisis endures, one thing is clear to us:\u00a0 <\/span>COVID-19 has or will change the industry forever.<\/span><\/i><\/p>\n

While this may seem like an alarming message, with change comes opportunity. With the right response, you will be able to thrive once the pandemic tapers down.<\/span><\/p>\n

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1. Consumer shopping habits<\/h2>\n

The socially distant nature of the pandemic has forced many consumers to think more about how they shop and what they buy.<\/span><\/p>\n

A recent luxury retail study discovered that <\/span>72% of customers<\/span><\/a> would pay more for high-quality clothing items based on their ‘ability to endure.\u2019 The majority of the shoppers surveyed plan to pass these garments onto their children in the future.<\/span><\/p>\n

The same study also found shoppers were ready to pay full price for brands that are linked to a noble cause. In fact, retailer Moda (the brand responsible for the report) confirmed that 34% of its charity-driven shoppers were either new customers or account holders who had been dormant for over a year.<\/span><\/p>\n

While the consumer world is still alive and well, it appears the pandemic has altered the average shopper\u2019s philosophy. People are looking for items they know will last the distance and will buy from brands that are known to be doing good.<\/span><\/p>\n

Response:<\/b><\/p>\n

To maintain customer loyalty and make new consumer connections post-pandemic, it\u2019s essential that you offer goods or services that offer direct, longlasting value to your audience.<\/span><\/p>\n

Explore your consumer data<\/span><\/a> over recent months to paint a panoramic picture of your customers\u2019 habits during the crisis and develop campaigns that highlight the enduring quality of what you have to offer.<\/span><\/p>\n

Look at your supply chain and make sure that you work with partners that share your brand values and collaborate with charities relevant to your niche or industry. Donating some of your profits to a meaningful cause or helping with fundraising campaigns will help you boost brand awareness in a way that resonates with new consumer outlooks post-COVID-19.<\/span><\/p>\n

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2. Online competition<\/h2>\n

eCommerce shopping has risen by <\/span>30% in the US<\/span><\/a> since March 2020. In recent months, there has been a notable shift towards entertainment products such as books, games, and movie subscription passes as people are looking to fill their time during the quarantine.<\/span><\/p>\n

What\u2019s interesting is that the \u2018silent generation\u2019 (those aged over 70) are migrating towards a more online existence, largely through necessity.<\/span><\/p>\n

As those who once shopped solely in-person become accustomed to online shopping and basic digital technologies, there will be an influx of online shoppers. The digital retail space is likely to become more saturated\u2014demand will increase, but the competition will be fierce.<\/span><\/p>\n

Response:<\/b><\/p>\n

As the world of online shopping continues to explode, the best way to push yourself ahead of the pack is to create more focused digital marketing campaigns aimed at specific segments of your audience or shopping generations.<\/span><\/p>\n

By investing in messaging and focusing on services and products that meet the needs of specific audiences, you stand to grow your audience over time as the pandemic slows. Also, narrower, more value-driven campaigns are likely to increase customer loyalty.<\/span><\/p>\n

Here are two resources that will steer you in the right direction:<\/span><\/p>\n

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