It is too soon to dismiss the relevance of the brick-and-mortar stores. However, the patterns suggest the customers would prefer to place orders online.
The US will take the lead in retail sales in 2021, with $5.506 trillion against China's $5.13 trillion. But China's e-commerce sales will outperform the US by a $2 trillion margin.
While the pandemic did impact people, brands and spending, the beauty industry was fast to read and analyze consumer behavior - they made an interesting pivot and re-strategized both product innovations and marketing strategies.
Earlier, shopping from the physical stores was the only method of purchasing. However, over the years, online shopping is increasingly preferred now by consumers of all age groups.
Jewellery retailers and brands have re-evaluated their current brick-and-mortar business model and have now started implementing omnichannel approach with an enhanced digital strategy to boost sales.
As we have said adios to 2020, it is only wise for us to study the market and glance through the strategies and trends which might work out to business' advantage in 2021.
India will continue to be a kirana dominated market. COVID-19 has brought kiranas the attention that their >95 percent share of India's food and grocery market rightfully merits
Retailers, who used to rely upon customary stores to drive deals, have now discovered that the scope of social media reaches out past creating goodwill in the local market.
Advancement in technology and emergence of new technologies like artificial intelligence, IoT, chatbots, robotized customer service, augmented reality is uniting the physical and digital world of shopping
Omnichannel features and experiences that retailers adopted in 2020 will give new life to physical stores and allow businesses to take advantage of proximity to local consumers.
Brands are now increasing their efforts in bolstering their omnichannel strategies and moving to customer-centric business models rather than sticking to the channel-centric ones.