Brick-and-mortar stores took a big hit during the pandemic, but the big casualties were bad retailers, not those that took advantage of “stay at home consumers,” by inventing ways to make online buying seamless and yes, even positive experiences.
That’s according to a recent book by Wharton School Proessor Barbara Kahn, titled “The Shopping Revolution: How Retailers Succeed in an Era of Endless Disruption Accelerated by COVID-19.”
Khan focuses on both retail giants that have anticipated the changes in consumer purchases as well as new generations who were raised with a computer in their hands, specifically Generation Z and millennial consumers.
She talks about seven forces that are transforming retail. Examples Khan mentioned are retailers such as Amazon, Walmart and Target Stores, which are thriving. These retailers were able to stay open while thousands of others were forced to close. About 12,000 stores closed at the end of 2020, she said, while Amazon was opening up stores. Khan refers to this as a “customer-centric, omnichannel experience… PYMNTS
