Covid 19 drastically affected the Indian economy and its business. The retail sector also experienced a significant transformation during 2020. The customer’s buying behavior changed as well as eCommerce gained the potential.
People intended to purchase using the eCommerce sites and calling or sending messages using WhatsApp for getting their needs at home. To reduce the exposure to the crowded markets and ensure the safety of families from affecting coronaviruses, people switched on to online shopping means. Staying at home and make purchases trend accelerated very quickly with those who had not used it before.
The online lifestyle which has been popular for some time gains popularity due to the new circumstances supported by Digital life. The non-essential items like fashion and apparel stagnated in stores while the essential items like groceries, medicines etc. remained in good conditions. The food and other necessities were handled by the retail sector then accelerated potential.
According to the reports by CBRE, the real estate consultant groups say in ‘Indian Retail Reboot 2021’ the retailers may do some experimental strategies in response to consumers’ change in expectations. The shops are intended to work with fewer inventories. They have redesigned the store spaces accordingly. The stocks will never tend to pile up in the store instead they are sent directly from the warehouses.
Conventional stores may become inventory-free as the required items are sent directly from the warehouse to customers. The role of real stores was re-designed. Inventory management has been optimized in such a way that consumer satisfaction is a key factor for physical stores or spaces.
The retail stores have to be made safe for both the customers as well as the employees. The shopping experienced new behavior like contactless services and social distancing. The purchasing flow in a physical store has changed. To achieve operational efficiencies digital workstyles have been followed.
Online shopping provides a safe shopping experience to newly added customers. They experienced convenient shopping in a safe environment. This made the small and local retailers put up their eCommerce platform with the help of third-party service providers. The landlord-tenant relationship also changed as a result of the sudden lockdown and closure of many of the stores. Rent waiver is a major relief for the outlets in small and large markets.