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retail trends covid grocery

5 Retail Trends Here to Stay & What Will Return to Normal

Over the last few months, the retail sector has grown in unprecedented ways. In response to COVID19 and changing lifestyle habits among consumers, many retail brands are recording a dramatic increase in online revenue.

Retail sales in the 3rd quarter of 2020 showed an estimated revenue of almost $1.5 trillion USD in the US alone. That’s a 12 percent increase from the 2nd quarter, and a 36 percent increase compared to the 3rd quarter of 2019. Interestingly, online retail sales from eCommerce platforms accounted for 14.3%, or about $200 billion USD, of the total retail sales.

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Retail in the New Normal: How Has Retail Changed to Adapt to COVID?

COVID-19 is decimating entire industries, crippling businesses, and crushing any economic growth that many countries have managed to increase since the 2008 recession. A visit to the average city shows rows and rows of shops boarded up with many other businesses on the brink of bankruptcy. On the other had, some retail giants such as Walmart, Target, Amazon, and Kohl’s have actually managed to grown significantly in the wake of the pandemic.

In response to the COVID, consumers are doing most of their shopping online, and retail stores are deploying a series of delivery options that are designed to keep both retail workers and consumers safe. Retails that have learned and adapted to these changes quickly have benefitted from tremendous growth in the last year.

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