The coronavirus pandemic has drastically changed many facets of society. From restaurant attending, to live music, to retail, there has been a substantial change in the way businesses function. The retail market in particular has undergone significant changes, with a major shift to e-commerce and buy online, pick up in store programs. However, new market research finds that despite the changes and issues related to coronavirus, consumers still prefer shopping in person.
This is largely exemplified in the popularity of buy online, pick up in store and other curbside pickup programs. According to the New York Times, “The popularity of curbside pickup reveals that the future of retail is not just more packages piling up on people’s doorsteps. Beyond satisfying the need for contactless shopping in the pandemic, it taps into Americans’ desire to drive to a store, a pull that can be just as strong as, or even stronger than, the convenience of home delivery.”
According to retail analyst at Cowen, “Americans are used to their cars and actually do like stores, so this is kind of a hybrid where you’re getting the best of both worlds.”
Coresight Research, a firm specializing in retail and technology found that about three fourths of the top 50 store-based retailers in the United States had some form of curbside pickup.
Top store experienced substantial growth as a result of their curbside pickup programs. Target reported that its sales grew more than 700 percent in the last quarter while Best Buy said that 41 percent of its nearly $5 billion in revenue was a result of curbside pickup.
The shift to curbside pickup programs is indicative of the way businesses shift to changing conditions and reemphasizes the importance of adapting and innovating.
Curbside pickup is also important as it keeps in-person stores afloat. Brick and Mortar locations can remain open whereas if all retail shifted to online forums, they would likely go out of business from an in-person standpoint.
According to the New York Times “Curbside allows certain big-box retailers to convert their stores into mini e-commerce fulfillment centers, while avoiding the money-losing step of shipping goods to homes.”
Therefore, it is evident that a crucial component to the success and longevity of in person shopping is an interim phase of curbside pickup. Curbside pickup ensures the safety of brick and mortar stores and provides customers with a familiar experience of shopping. For more information on how to innovate and adapt amidst uncertain times, check out EXITRICHBOOK.com.