Future of Retail Industry After Corona Virus
Corona has made us see something we haven’t seen in three decades, the retail industry is falling apart. The global health conditions resulting in the drastic fall of the economy all over the world. The impact on business is varied by consumption and types of goods. Travel, hotels, entertainment businesses, and even luxury goods are having a hard time handling the situation.
However, online retail is blooming more than ever and huge growth in e-commerce has been noticed. Customer adoption of online services has rapidly increased and the world is going digital in the corona season. With all the stores, malls and even small scale stores are being shut down, there has been a major scarcity of items. If the situation goes any further, this would lead to an economic crisis which would make it hard for every sector.
The retail industry is exposed to more risk than many other businesses, is being vulnerable from the start of the spread and the temporary shutdown of all the stores had made it even difficult.
Large scale retail chain stores and industry giants like IKEA, Walmart, Target, McDonald’s, KFC and luxury brands like Burberry are seen as having a major impact because of the dramatic spread of the virus. Many international affairs, events like MET gala, NBA are being canceled in the fear of corona. However, after the recession, the trillion-dollar industry might have to take the tough path to gain its market back. Being the ever-blooming industry it is, retail will bounce back with more growth and more business after the recession.