(RepublicanPress.org) – The pandemic caused many changes in how people around the globe react to one another, and businesses had to adjust to the new way of living or risk permanent closure. Some of the growing business trends likely won’t end when the coronavirus is all but a memory, and many will become part of standard practice well into 2022.
In-Person to Online
In 2005, the National Retail Federation created the observation of Cyber Monday as the online Black Friday when it saw a trending spike in shopping over the internet. Clearly, people shopped online well before the pandemic, but some believe more consumers will stick with the new convenient way of shopping. In addition, people may continue to fulfill their retail needs by using online subscriptions for recurring items.
Businesses will still create physical stores to complement their online presence to make shopping and returns even more accessible and convenient, while others might bolster their presence in the virtual space.
Inflation and Labor
Supply chain woes leading to inflation are a continual challenge for retailers to combat, causing them to increase prices on items in their stores. According to the Economist, inflation will probably slow by the end of 2022, but still that leaves an entire year of higher costs for the retailer and the consumer.
In August, the US Labor Department announced 10.4 million job openings for Americans to earn a living through, but many retailers find it difficult to fill the positions. With inflation reaching epic highs, typical pay rates remaining stagnant, and citizens re-evaluating their lives throughout the pandemic, businesses must adjust. Many companies raised pay rates, offered bonuses, and included attractive packages to entice workers to stay competitive and fill openings. These tactics may continue as businesses try to keep their shops staffed.
Self Serve and Curbside
Two trends that go hand in hand with online shopping are self-service and curbside pickup. During the pandemic, many businesses made these options available so they could keep serving their communities. Now that people have a taste of the convenience that service provides, the desire to use them is expected to continue into the new year and beyond.
Companies will have to meet the demand as consumer standards evolve. Some trends people might see with businesses are the increased availability of kiosks, mobile point of sale transactions, and buying online for pickup.
By providing more options and tailoring business models to the changing needs of consumers, shoppers will have the ability to shop the way they want while allowing businesses to thrive.
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