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Buy online, pick-up in-store (known as BOPIS) has become a crucial way for many stores to continue to do business.
Fremont, CA: The retail sector experienced unprecedented disruptions in 2020. No large retailers have been forced to adapt to public health legislation and restrictions as a result of the pandemic, forcing them to pivot or even close business models. Although key retailers have been able to retain their in-store experience, they have also been met with supply chain and inventory issues during the global health crisis.
These near-constant changes have forced retailers to focus more than ever on technology, and organizations have recognized the vital role that technology can play in moving forward.
Although not all developments introduced in 2020 will last, some of them are likely to influence the industry for years to come. These are the retail tech patterns to be observed in 2021 and beyond.
BOPIS Is Here to Stay
Buy online, pick-up in-store (known as BOPIS) has become a crucial way for many stores to continue to do business. With social distance restrictions restricting the number of people permitted in stores at one time, an increasing number of customers have embraced BOPIS as their preferred mode of shopping, since it does not entail waiting for delivery.Half of shoppers are expecting to expand their use of contactless pickups as the holiday shopping season progresses. To address this need effectively, retailers will need integrated data analytics and mobile device management software to keep workers up-to-date and sophisticated inventory management to ensure a smooth shopping experience.
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Retailers Need to Accommodate Varied Forms of Payment
Just as retailers need to make contactless pick-up accommodations, they also need to accommodate new ways of payment in response to evolving consumer preferences. Contactless payment is the cornerstone to this initiative, and more shoppers are using it than ever before.
Research by the National Retail Federation found that 1 in 5 shoppers reported making contactless payments for the first time during the pandemic, according to The Financial Brand. The same research showed that 57 percent of consumers said they would continue to make contactless payments after the pandemic ended.
Retailers would need to have contactless point-of-sale readers as well as mobile POS systems to fulfill current consumer requirements. The convenience of these systems will allow them last until 2021 and beyond.