Technology Trends that are Vital to the Retail Industry’s Future after this Pandemic

Technological innovations are our answer to the challenges brought by the COVID-19 outbreak. Today, there has been a big change on shopping, online experiences, and even in the way physical stores are expected by customers.

Technology is one of the remaining reasons why the retail industry is still running.  Here are some of the tech trends that are in demand today:

Fully Integrated POS Systems

The COVID-19 pandemic made many business owners realize the importance of e-commerce platforms in optimizing online sales processes. This is evident to the rise in the demand of E-Commerce-Friendly POS systems which help retailers to sell online.

Business owners are now handling multiple sales channels such as brick-and-mortar and e-stores. But they must sync both online and offline transactions, inventory, and promotions. This is where, e-commerce and POS integration will be an optimal solution both during and after the pandemic.

Augmentation in Shopping

When almost everyone was forced to isolate due to COVID-19 quarantine, there was an increase observed in the demand for technologies such as virtual fitting rooms. It seems that the outbreak made augmented shopping an ideal choice for customers because it allows them to interact with products online.

Several brands already opened their own virtual showrooms and fitting rooms to let customers try on products in virtual spaces. Certain businesses also made use of apps to help their customers have a vision of what new furniture will look like in their home.

There are also some systems that are already showing significant potential for the future of augmented shopping. Some allows shoppers to see the look of virtual items when placed on the physical surfaces while some creates realistic interactions between virtual and real goods.

Non-Staff and Cashier-Free Stores

This might not seem good for workers and staff, but if we think about it, social distancing is an efficient measure to prevent coronavirus infection. So, stores that are cashier-less and staff-free are ideal in a society where being too close to someone can get you sick. It does not apply to everything yet though. But for sure it is considerable for many businesses.

Some studies also revealed that there is a change in the shopping habits of customers due to the COVID-19 pandemic, in fact, they showed that customers would rather go to stores with contactless or self-checkout stores. This is also expected to give way to the integration of tools that enables digitalization.

Systems that doesn’t require any account or app to be installed would be much convenient for customers because it does not need much effort and it is as close as people can get to going in, grabbing something, paying for it, and leaving out of a store.

Checkout-less transactions

This is where credit and debit card users can automatically pay for their purchases when they leave the store. This is made possible by systems that track items being put on physical carts by the customers, so it is like having a virtual cart. The customer can then just leave after completing the purchase as it will be paid automatically.

This COVID-19 pandemic has brought us all down to our knees, but on a positive note, it opened many opportunities for us to improve in what we do. It just means that in any problem, we can always find a way to learn and develop so we can overcome what’s in front of us.

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Is there a future for the fashion industry amid COVID-19?

Looking good and being fashionable is the last thing that people would want during this time where there is an ongoing pandemic.  This explains why there is a significant decline in sales for fashion retailers starting March.

For people who lost their jobs or closed their businesses due to travel restrictions and physical distancing, non-essential items such as luxurious clothing, jewelries, and cosmetics are off the list.

But there’s hope in e-commerce because even though social events where dressing up is required are canceled, there is still a huge percentage of people who are continuing with their regular purchases. This increases the chance for the fashion industry to get through this crisis. This is if brands within this sector will be more creative, innovative, and digital.

There are some product sectors that are seeing an improvement, this includes Casual Clothing, Beauty, Lingerie, Athletics and sportswear, and Footwear.

Casual Clothing

Buying a new outfit is still considerable for many because people are still able to enjoy staycations, sleepovers, and indoor picnics. Some who are spending their days working or studying at home are also more likely to have the urge of buying new wardrobe. This shows that people still want to look presentable and comfortable even when they are just being seen by their peers virtually.

Beauty and Health

There may be a decrease in the number of people spending on beauty and cosmetics, but more than half are spending the same. While a significant increase is being seen on the number of Gen Zs and Millenial consumers.

Health products such as vitamins, alcohol, and sanitizers are also on the rise since this is a health-related crisis. While when it comes to more luxurious items, there are a number of people who are trying to lift up their mood during these difficult times by treating themselves with joy-enhancing products such as pieces of make up or cologne.

Lingerie

More and more brick-and-mortar stores are transferring to e-commerce, so it is becoming easier and more convenient for people to browse and check-out items. Seems like people who loves bikinis are still hoping to have a wonderful summer even when indoors with their lingerie.

Athletics and sportswear

Not because people are confined in their homes doesn’t mean they will just miss their daily workout routines. In fact, many consumers are more eager to compensate for all the steps they lost from walking since they are stuck at home. So, they are trying different workouts and exercises. That is what pushes them to buy athletic and sports gear which can help them maintain their good physique.

Footwear

This sector owes the increase in its sales to the younger generation who are showing motivation in purchasing products online. It seems that for Generation Zs and Millennials, there is no good or bad time for products including footwears. But experts see that this attitude has something to do with their excitement to go out and do what they usually do when everything is still fine.

Perhaps these youngsters have already planned all their night outs for when this pandemic is over. So they are now hoarding new jewelries, clothing, and footwear so they can flaunt their fashion when it’s already safe to go out.

The COVID-19 outbreak is a defining moment for brick and mortar stores. We cannot say for certain if their operations can still recover especially now that the shift to e-commerce has already showed consumers how shopping online is more appropriate for a post-COVID world.

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Lessons that Retailers should learn from this crisis

Before the world is torn apart by another health crisis, people should already learn from this coronavirus pandemic to be better in overcoming the challenges that they will face. Not only health professionals and government officials but also business leaders and owners should learn their lessons so they can carry the weight of their responsibilities.

Retailers should set their priorities straight. Keeping their employees safe is first and foremost. Establishing good, centralized communications should come next, and last but not the least, stabilizing their operations to ensure smooth recovery.

Here are some post-crisis strategies focused on taking immediate and decisive action.

Identify the essentials – In order to effectively operate remotely, retailers should lead proactively. A perfect example of this is by knowing that the well-being of their employees is ultimately important nowadays. They should also use strategies that will help motivate their employees’ efficiency and productivity. There are different channels that they can utilize such as Skype, WhatsApp, Google Hangouts Chat, Zoom, etc.) to establish real-time, constant communications, and conduct regular goal setting with their employees.

Learn to have Adaptability – By always being ready for change and knowing that the list of priorities in your operations could change almost daily, one would easily know how to overcome sudden challenges with zero to minimal collateral damage. It is easier to plan and implement solutions if versatile and flexible systems are in place instead of having permanent ones which require even larger and harder adjustments.

Embrace an Agile Mindset – Large firms should apply this strategy not only for software development, but also for its other departments such as sales, operations, and marketing. Leaders should take the initiative of identifying what practices should continue and what should be immediately stopped. Anything that hinders the search for ways to know what is best for the customers should be eliminated immediately.

Have a balanced response in the different parts of your business – The new normal in the retail industry is not only about centralizing communications, attending to the employees’ needs, having work from home set up, and stabilizing the supply chain. It is also about effective business monitoring/forecasting. The marketing/sales alignment across all operations particularly customer support should be balanced and regularly reassessed to make sure everything is going according to plan.

Change your guiding principles – Retailers should focus on promoting diversity, modularity, evolvability, cautiousness, and collective understanding within their company and among their employees. Everyone should be inspired to have a modular way of problem solving and diverse thinking. This pandemic requires us all to go beyond our usual way of thinking and think of more creative and effective ways to help those around us. 

Put the next crisis in mind: As much as we want to be positive and hopeful, we know that it is best if we expect that there’s a bigger one coming after this global problem because that makes us appreciate the value of scenario planning. It urges retailers to come up with contingency plans that will effectively minimize risks. All efforts should be dispensed in identifying critical paths and preparing backup plans to minimize future disruptions and boost cross-functional team proficiencies.

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