How Retail Sector is Coping With the New Normal in this COVID-19 World?
The beginning of the year 2020 marked a significant change in our lives, as we all were hit by the deadly COVID-19 virus. This pandemic led to a sudden shutdown of the world and everything stood still. Due to the pandemic, the priority of the world shifted to health and safety. The new social norms of health and safety made the economy of many countries crash and businesses were shut down. The retail industry in India also observed an instant collapse. Retail industry India
Retail Sector Coping With COVID-19
During the first few months, it was quite challenging to deal with the new social distancing norms and only limited stores could open which mostly included food, medical and necessary goods. With a lot of stores shut down, the retail sector industry saw very low customer base and at time zero. But with the progression of time, every sector picked up new ways to deal with the new challenge.
New Norms Adapted By The Retail Sector
- All retail stores, even the smallest ones, tried hard to deliver products at doorsteps. This not only ensured safety, but also helped them cope up financial losses.
- The second-best measure that almost every retail sector be it electronics, interiors, furniture and fashion industry adapted was allowing online availability of their goods.
- The retail stores used digital platforms for payments to follow health safety measures.
- Initially the retail stores had a hard time managing the demands of people, but with time ample supplies were made available and things were delivered on time.
- As the new norms of social distancing came in, a lot of retail stores provided customer support solutions via calls and mails. This made the job easy for both manufacturers and customers.
- The Retail sector did see a staff scarcity, but things went to normal soon as lockdowns and restrictions were uplifted.
- Most of the industries across the globe like India promoted Vocal For Local since a lot of people lost jobs in this pandemic and finances were hit badly.
In the current crisis, a lot of brands and leaders in the industry believe that the key driving force is eco-friendly furniture. The workplaces and stores have now started adapting to cost-effective furniture. These trends came into being after watchful learning of the market size, inclinations and business analysis. Some of these trends include:
- Reassuring flexible furniture that can fit in easily and allow easy movements.
- Furnitures that occupy less space and are multipurpose.
- With current trends of human safety, the staff across all retail sectors are being trained on how to deal with consumers physically, on call or via mail.
- The retail sector is trying to cope up with finances themselves. They have helped their customers by allowing easy payment schemes like finance and EMI. This has allowed returns of invested money by retail stores.
The pandemic might have slowed the pace of life and brought new guidelines, but the world has adapted to new norms of pandemic and has found new ways to deal with challenges. And the retail industry is not behind in getting accustomed with the new normal.