Retail Stories 2021: The Pandemic Aftermath

The economic bifurcation is reaping havoc in all the industries, and especially restaurants, and retail sectors are the ones suffered badly at large. Interestingly, The Covid pandemic has prompted a record number of Americans,Chinese, Indians, and Europeans to buy online, with many selecting options like curb-side pickup to get their orders.

Americans spent a record online over 2020 holidays, and more e-commerce gains are expected – CNBC report

Retail ecommerce sales in the UK will rise by 16.7% this holiday season to £28.51 billion ($36.38 billion), accounting for 32.2% of total UK holiday sales. – emarketer

As festive sales hosted by the e-commerce sector ended last week, the e-tailers in India achieved a record $3 billion (about Rs 19,000 crore) of Gross Merchandise Value (GMV) – The Economic Times

Retail stories re-defined in post pandemic!

The future of retail is shaped by adding the right mix of e-commerce to its service blend. As the impact of 2008 recession is still with us, the impact of social distancing will reflect in the retail for another decade. The holiday sale performance have given the retailers a confidence in e-tailing, and more and more e-commerce stores popping from the retailers, who didn’t buy the idea of digital before the disruption.

The common strategy framework that works, incentivise > attract > convert > repeat

Some of the interesting Retail stories of 2021

Retail stories 1: Online grocery Sales grew by 53%

“Online grocery sales in the US will grow by nearly 53% in 2020, reaching $89.22 billion in sales. That’s an increase of $30.86 billion from a year prior. By 2023, online grocery sales will reach $129.72 billion and will account for nearly 10% of total grocery sales.”

online-grocery-retail

Retail stories 2: Popular retail implementation of AR and VR!

  • Lowe’s, a North American giant of home enhancement goods, employs an HTC Vive and a unique controller known as the ‘Holoroom Test Drive’ which lets anyone around power tools wear a VR headset and learn to work with the tools in a secured virtual space.

  • Ikea has an Ikea Place ARKit app that provides a 3D visualization of the requisite furniture at a particular spot in their offices or homes. The customers can find a certain fit and preference among the furniture items.

  • Dulux Paint Expert’s augmented reality app lets people try out different paint colors over their walls. The app has unique features for visualization to use for agreements on final paintwork with their customers.

    Source: DATAMATICS

Retail stories 3: BURBERRY debuts Luxury’s 1st Social Retail store in Shenzhen!

“Burberry announces luxury’s first social retail store in China’s technology hub Shenzhen, blending the physical and social worlds in a digitally immersive retail experience – a store of tomorrow for today.”

Burberry-social-retail-store

Shiv
Hello! I am Shiv, Strategy Consultant by profession. A curious learner, creative thinker, and a hobbyist filmmaker.
2.3 min read |Published On: February 16th, 2021 |

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