Retailers rules the roost in ‘contactless’ virtual world

Unlike other industries that have been hit hard by the COVID-19 pandemic, the online retail world is witnessing phenomenal growth. Amazon has doubled its net profit to $5.2 billion in the second quarter of 2020, which has been higher than the Christmas quarter of 2019. Moreover, according to GlobalData, the UAE retail market grew by around 0.4%, becoming the sixth best-performing market in 2020. 

These statistics clearly indicate that retail businesses have quickly adapted advanced digital operations to not only retain their existing customers but also attract new consumers, which have greatly lessened the economic shocks of the pandemic. With customers preferring to shop from the safe environment of their homes, it has become all the more important for retailers to successfully handle the burgeoning volumes of sales and provide hassle-free, on-time deliveries. 

The digital transformation wave is increasingly making the customers’ experience almost, if not completely, touchless. Most brands are using hyperlocal delivery models, which provide real in-store experiences to online customers via digital platforms. From product browsing and virtual try-ons to shipping and doorstep deliveries, touchless retail is all about eliminating human touchpoints in the consumer buying journey to provide the best possible shopping experience. 

At the same time, secure payment gateways are also helping retailers save time handling cash and providing customers the option to avoid long lines even if they visit the store. The widespread use of smartphones has given rise to m-commerce, with 70-80% of sales being recorded via mobile apps this year.

Shopify is offering technical assistance to many small businesses to create their online stores, sell products, and understand sales trends with inventory tracking and software as well. The company has joined hands with Walmart to help small businesses claim their shares of the online marketplace. Now, retailers cannot rely just on their physical stores; a smart digital strategy is also a must to help further improve online customers’ experiences.   

Thus, to better prepare for the post-COVID world, retailers will have to keep an eye out for changing trends while placing touchless operations as a priority. 

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