It is estimated that 15,000 retail stores may close in 2020 because of the Coronavirus and consumer behavior that has shifted from shopping in malls and department stores, to frequenting Big Box retailers and especially e-commerce. Without customers and sales, many retailers that were hanging on by their fingernails have begun to watch the nails break off one finger at a time.
Even the always dependable Amazon encountered massive amounts of issues within its retail ecosystem (primarily increased demand) resulting in Amazon having to do the unthinkable – Amazon reconfigured its website to reduce the number of products consumers can buy.
On the flipside, grocery retailers have seen an increase in business so overwhelming that they ran out of the groceries most desired by consumers. Grocers are still struggling with replenishing their shelves. Several grocery retailers experienced an increase of over 400% for online grocery ordering and delivery. Without enough groceries, labor and drivers, retailers had to stop taking new customers.
Although COVID-19 appears to be slowly waning, medical experts believe the virus may become a seasonal disease like the flu. If this is true, retailers may be facing a future where social distancing and government-mandated shutdowns force their stores to close or greatly reduce in-store traffic.
The retail industry is facing the equivalent of feast or famine. It’s easy to understand why retail analysts believe the future of retail is bankruptcies and ‘Going Out of Business’ signs littering the landscape.
But is this true? Is there nothing retailers can do to prevent their demise?
The future of retail looks eerily like the way a vending machine operates. And this is the technology that has the potential to save retailers from an early grave.
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Company Name: Empathy Digital Marketing
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