Digital signage and in-store experience solutions provider, Raydiant, has released the findings from their new Reopening of Retail report.
The report surveyed 400 U.S. brick and mortar retail operators from May 21 to 24 with the goal of better understanding how they’ve adapted during the pandemic and what they are doing to prepare for their business for the post-COVID world.
Bobby Marhamat, CEO of Raydiant said: “This has been an incredibly challenging time for brick and mortar retailers, but our belief that the industry has a bright future remains as strong as ever. Change has been accelerated faster than expected but retailers who are able to adapt to these changes will thrive in the years ahead.”
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Key Findings:
- Commercial real estate is poised for a massive shift. After being forced into an uncomfortable situation, 29% of respondents now plan to close their physical locations to go online-only, while 14% intend to downsize.
- Curbside pickup and delivery options are now permanent. During the pandemic, 21% of retailers began offering curbside services, and 31% started offering delivery. Most who added these services intend to keep them.
- In-store experiences remain a vital differentiator. When we asked where retailers would focus next, 41% said creating better experiences would be their top priority upon reopening. The majority of the survey group (85%) believed in-store experiences would be important to their reopening success.
- Many brick and mortar retailers relied on e-commerce to survive the pandemic. Surprised? Don’t be. Physical stores often use e-commerce to expand their offerings. In our survey, 43% said they could have survived without expanding into e-commerce, but 26% said the move saved their businesses and 29% weren’t sure whether they would have made it on their own.
- Retailers are prepared but have concerns about compliance. Retailers believe they can serve the health needs of customers and employees alike, but they don’t know whether local regulators will agree. Of our group, 75% feel prepared to reopen, but 34% worry about compliance.
- New tech and tools will debut during reopening. Better tech mattered before, but with new customer expectations developing, 58% of respondents said they are considering investments in new tools for reopening.
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