Covid-19 has changed the way we shop. The big question now is which of the new habits will remain once the pandemic recedes.
Instead of lining up on Black Friday for a TV at great prices, shoppers ordered from home and picked up the curb. Even those who rarely bought online before the pandemic relied on the internet to bring them from food to pajamas to fake eyelashes.
“Consumers have found some of Covid’s forced experiences to be convenient,” said Stefan Larsson, chief executive of PVH Corp., which owns Tommy Hilfiger, Calvin Klein and other brands. “Anything they think makes their lives easier will be here to stay.”
Some retailers will not be around to find out. Weaker players, such as Lord & Taylor and JC Penney Co., have filed for bankruptcy protection and closed hundreds of stores, while large companies such as Walmart Inc., Target Corp., Amazon.com Inc. and Home Depot Inc. they strengthened their power.
Those who survived are now experimenting with new ways of doing business. They stream virtual shopping events and allow consumers to book consultations online. It removes traditional cashiers and launches contactless payment systems. They use their stores as warehouses that deliver packages directly to customers.