HOW WILL INDUSTRIES BOUNCE BACK AFTER CORONA VIRUS – RETAIL

The onset of the Coronavirus pandemic has made one thing clear, e-commerce has a very pertinent role to play in rendering services in the future. With shops shutting down, masses were left with no option but to buy essential items from e-commerce portals which rose to the task by providing the necessary products like groceries and other daily need items. That said, the impact of the pandemic has been so deep, that in an economy like India, only 7-8% of the modern retail trade is functional & there have been discussions on how to revive this sector along the following lines:

  • Fund infusion:

With the estimated impact of the pandemic expected to last anywhere between 6 months to a year, the sector has accepted the fact that not everyone will come out of this situation unscathed and have been calling for fund infusion, either in the form of capital or bigger players absorbing smaller ones while ensuring continuity of jobs.

  • Seamless transition:

With workers in this industry suddenly having to work remotely, it is upto the guiding lights in this sector to ensure the health and safety of its employees & define and regulate norms of such new modes of working while setting realistic expectations of the workforce and enabling minimal loss of jobs.

  • The new purchasing outlook:

With purchasing preferences and choices already changing rapidly – consumers opting to purchase only what is essential – buying trends will see a profound shift in the near and foreseeable future, and the industry will have to come to terms with dynamically changing norms and respond decisively to make the most of the same.

  • Adapt to exist:

With the propensity for digital retail increasing swiftly, retailers who adapt to this change by embracing latest tech like person-less deliveries, contact-less payments and seamless end-to-end interactions, and display a will for responsible retail will come up trumps.

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