Covid-19 has changed the way we shop. The big question now is which of the new habits will remain when the pandemic subsides.
Instead of lining up on Black Friday for a low-cost TV, customers placed orders from home and took to the sidewalk. Even those who rarely shopped online before the pandemic relied on the internet to bring everything from groceries to pajamas and false eyelashes.
“Consumers found that some of the experiences forced by Covid were convenient,” said Stefan Larsson, executive director of PVH Corp., which owns Tommy Hilfiger, Calvin Klein and other brands. “Anything they perceive as making their lives easier is here to stay.”
Some retailers will not be around to find out. Weaker players like Lord & Taylor and JC Penney Co. filed for bankruptcy and closed hundreds of stores, while large companies like Walmart Inc., Target Corp., Amazon.com Inc. and Home Depot Inc. consolidated their power.
Those who survived are now experimenting with new ways of doing business. They are broadcasting virtual shopping events and allowing consumers to book appointments online. They are doing away with traditional tellers and implementing contactless payment systems. They are using their stores as warehouses that deliver packages to customers directly.