Since March 2, 2020, The ROI's Co-Founders have been offering insights, strategic approaches, and online resources for independent retailers affected by the COVID-19 crisis.
These appeared first in The ROI NEWS.
Yes, the shoppers WILL be returning. But boy, have they learned a lot during these pandemic times.
They are far more comfortable with online shopping, and in many cases, eager to continue that. And the convenience of "contactless" features like curbside pickup and BOPIS (Buy Online, Pickup In Store) are welcomed.
In fact, an extensive survey from McKinsey & Company* provides considerable detail about the newly-learned online shopping behaviors of customers, and their expectations of continuing to use these new-found skills.
Particular changes with presumed staying power:
But hold it. Wait just a minute. Our countervailing view is that the "homebody economy" will wear thin. And while customers do care even more about basics and value, especially when it comes to Holiday shopping, they will want "special."
These are the shoppers who will welcome the chance to shop in-store.
But be ready. Many of them will feel like they are coming to your store for the first time. And they are more discerning than ever!
The key is: what will they find when they enter your store? Here are a few "musts."
This truly is your second chance to make a good first impression. Make it fun for you and your shoppers!
* The great consumer shift: Ten charts that show how US shopping behavior is changing. Tamara Charm, Becca Coggins, Kelsey Robinson and Jamie Wilkie, McKinsey & Company, August 4, 2020.
So, say you have re-opened your stores. Then what? Did the customers come back?
Or, were many of those who did show up just there to say "Hello!" And "We missed you!", but not to buy? Sigh.
We are not surprised. And here's why.
As more stores are able to reopen, and more shoppers are willing to emerge, what will they encounter?
As the global efforts to "flatten the curve" of the coronavirus pandemic continue, there is another curve that is being flattened. That would be the seasonality of retail sales.
And this may prove to be what really defines the New Normal for retailers.
The customary peaks of retail spending have been flattened.
Like every natural disaster, whether a massive storm, earthquake, wildfire, we all are victims of COVID-19.
Not all of us have suffered being infected by the virus. But, essentially everybody has suffered losses.
Few have been spared.
Each of us, our households, businesses and communities are in different stages of shutdown due to the coronavirus.
While we cannot speak to when this will end, we do have some ideas for dealing with the "fog of uncertainty" that hangs over us all.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"