The pandemic is a worldwide phenomenon which has everything going topsy turvy. Not only has each individual felt its effect but it has also deeply impacted the world economy at large and retail businesses, in particular. Unfortunately, some businesses were unable to withstand being closed for 3 months and have had to fold or re invent themselves. The WorldBank has officially stated on its website “The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020, using market exchange rate weights—the deepest global recession in decades, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policy support.”
A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years.
The good news comes in the way of Pandemic Fatigue. What is this state of burn out and how does it help?
Medically, the pandemic fatigue may be defined differently. But, from a retail point of view and in our opinion, it is the state where humans by their very nature, are done waiting for the situation to change and have decided to live with the virus and move on and out, carefully but surely.
Therefore, the situation is changing slowly. And through consistent efforts made by retail stores and using the right creative retail display solutions, can mend the situation and redeem world economy.
While online sales are significantly low in cost, it is really the offline retail brick and mortar that usually is able to close a sale far quicker and more easily than its online counterpart. Offline shopping provides the customer instant gratification.
According to a market survey conducted by Nielsen and in an article by RetailTechNews states, “While it is true that online sales are growing at a faster rate than offline, and that online now accounts for a record 18% of retail sales, these figures mean over four-fifths of purchases still take place offline.”
1.Strengthen Window displays – Convert that random passerby into a potential customer. Draw them in. Make it impossible for them to ignore you. And how do you do this?
2.Improve signage – Even with no staff to help your clients manoeuver, let you signage do the talking. For example, Emirates airlines has redone all its signage to convey to their customers their entire journey from check in at the home destination to check out at their final destination. These displays needn’t be static and boring. Right Source has devised interactive displays for Emirates.