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Retail Business Review | Thursday, June 09, 2022
Buy online, pickup in-store (called BOPIS) has become an important way for many stores to continue to do business.
The retail sector will experience unprecedented disturbance in 2020. Because of the pandemic, no large retailers have been forced to adapt to public health legislation and restrictions, forcing them to pivot or even close business models. Although primary retailers have been able to retain their in-store experience, they have also encountered supply chain and inventory issues during the global health crisis.
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These near-constant differences have forced retailers to concentrate more than ever on technology, and organizations have recognized the vital role that technology can play in moving forward.
Although not all developments introduced in 2020 will last, some of them are likely to influence the industry for years to come. These are the retail tech patterns to be observed in 2021 and beyond.
BOPIS Is Here to Stay
Buy online, pickup in-store (known as BOPIS) has become an important way for many stores to continue to do business. With social distance restrictions constraining the number of people permitted in stores at one time, many customers have accepted BOPIS as their preferred shopping mode since it does not entail waiting for delivery.
Moreover, half of the shoppers expect to expand their use of contactless pickups as the holiday shopping season progresses. To address this requirement effectively, retailers will require integrated data analytics and mobile device management software to keep workers up-to-date and sophisticated inventory management to ensure a smooth shopping experience.
Retailers Required to Accommodate Varied Forms of Payment
Just as retailers require to make contactless pickup accommodations, they also need to accommodate new modes of payment in response to developing consumer preferences. Contact-free payment is the core of this initiative, and more shoppers are using it than ever before.
As per The Financial Brand, research by the National Retail Federation found that 1 in 5 shoppers reported making contactless payments for the first time during the pandemic. Besides, the same study showed that 57 percent of consumers said they would continue to make contactless payments after the pandemic.
To satisfy current consumer needs, retailers would require contactless point-of-sale readers and mobile POS systems. Further, these systems' convenience will enable them to last until 2021 and beyond.
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