For more than a year, pandemic-induced social and economic upheavals have been wreaking havoc on the retail landscape, forcing businesses to grapple with shifting industry regulations and drastic changes to supply chains, revenue streams, and consumer behavior.
Despite the fallout from Covid-19 which has led to business closures and the permanent loss of thousands of retail jobs, a number of retailers have not only survived or recovered but thrived during the pandemic.
Why have some businesses done so well while others have struggled? Having lots of cash reserves helps, of course, but whether it’s a large enterprise, small business, essential…
What we’re buying, how we shop and what we expect from retailers is shifting rapidly, and as physical shops reopen, a hybrid model of online and in-person retail is emerging. The retail landscape is going through an extensive makeover that started years ago and was kicked into overdrive by Covid-19 restrictions.
In the current climate, retailers need to give customers good reasons to shop with them, both online and in person. By offering personalized, intuitive, and seamless experiences through digital infrastructure and innovative offerings, these retailers are both retaining and growing their customer base.
At the start of the Covid-19 pandemic in the U.S., restrictions, supply chain disruptions and health concerns pushed consumers to change how they shopped, worked, traveled, ate, learned and interacted with one another. Nearly a year on, as consumers have tried new products and services and completely overhauled their routines, it looks like a number of these changes are here to stay.
These 4 shifts in consumer behavior were brought on or accelerated by the pandemic, but are poised to long outlast it:
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Why do people love going out to eat? It’s not just about the food, convenience, or even the service, although they all matter. Eating out is really about the overall experience. Restaurants offer a shared space that’s not completely private, but also not quite public, a place to restore and spend time away from distractions and responsibilities.
Dining out is an important part of people’s lives, and consumers were spending an increasing proportion of their income on meals away from home before Covid-19 precautions forced restaurants to close earlier this year, and restrictions continue to limit dining capacities and depress…
Whether you enjoy it or absolutely dread it, shopping is a big part of the winter holiday season. Covid-19 concerns and restrictions have accelerated the shift to online retail that was already underway, and this year’s online purchases are on track to significantly outpace in-person holiday sales.
The current pandemic has changed when, where, and how we shop. Still, despite some consumer, hesitation to return to out-of-home activities, there are some excellent reasons that the traditional mall could still be a great place to shop this holiday season.
Since Covid-19 first emerged as a threat to public health earlier this year, restaurants have been managing months of uncertainty, and they continue to face new challenges almost every day. Restaurants have made impressive changes to accommodate Covid-19 requirements in order to stay viable while keeping staff and consumers safe.
With the patio season ending in much of the U.S., capacity restrictions and physical distancing requirements reduce the number of diners, putting an added strain on already struggling restaurants. …
Studio, health club and gym owners know very well that a workout is no longer just a matter of dropping in, throwing your towel on the bench and getting down to business. Athletic facilities have to comply with strict sanitation protocols and capacities have been severely reduced for workout spaces. In some regions, indoor group fitness classes are still not allowed.
This is a hard blow for the fitness industry, but offering a combination of online and in-person class options can keep students engaged and will be a key component of any successful long-term group fitness strategy.
Economic reopening amid COVID-19 has been a daunting process. By the end of June, all 50 states had started to resume regular business operations to some degree, but many states had to reverse or pause the reopening process when COVID-19 cases spiked.
State and local governments have struggled to find a balance of restrictions that are relaxed enough to let businesses function, yet are not so relaxed as to lead to a healthcare catastrophe. Businesses are juggling finances, employee needs, and supply chain disruptions, all while trying to adapt to changing government regulations and uncertain customer demand.
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With all the time your family has probably spent at home over the past few months, a change of scenery could be just what the doctor ordered. This year, with Covid-19 becoming a part of our daily lives, the number one consideration when planning your family vacation will probably be how to mitigate risk and still enjoy your getaway.
It’s daunting to think about traveling with children during a pandemic, but if you’ve checked your family’s risk levels and you’re ready to get away, you can still enjoy a vacation by making informed choices, taking precautions, and staying flexible.
While businesses have been scrambling to pay rent, revamp procedures, secure extra cleaning products and hand sanitizer, and make every possible concession to adapt to a world with Covid-19, employers are also facing some daunting responsibilities when it comes to the health and economic wellbeing of their staff.
In order to navigate the layers of regulations and recommendations laid down at the federal, state, local, and industry levels, employers need to know where their obligations lie when it comes to Covid-19 and their employees, and how those obligations can affect business practices with regard to:
CoFounder of Klen App, Global Strategy, CSR, Social Impact Entrepreneur, 4IR Technology Advocate