Top 5 Retail Business News Stories You Don’t Want to Miss!
The retail industry has undergone numerous transformations in the past year. With the advent of the pandemic, businesses have had to shift their focus towards online sales and delivery. As we move forward into 2021, it’s crucial for retail business owners to keep up with the latest news in the industry. Here are the top 5 retail business news stories you don’t want to miss:
1. Amazon’s Entry in the Pharmacy Industry
Amazon, the world’s largest online retailer, has recently made an entry into the pharmacy industry. The company’s acquisition of PillPack, a startup pharmacy, and its announcement to launch Amazon Pharmacy has caused a stir in the industry. Amazon Pharmacy offers medications for a lower price than traditional pharmacies, and with the convenience of ordering through the Amazon website, it could revolutionize the industry.
2. Walmart’s Launch of Walmart Plus
Walmart Plus, a membership program similar to Amazon Prime, was launched in September 2020. The program offers free delivery for orders over $35, fuel discounts, and access to Walmart’s Scan & Go feature. The program aims to enhance the customer’s shopping experience and increase customer loyalty.
3. Growing Popularity of Contactless Payments
As a result of the pandemic, contactless payments have become increasingly popular. More customers prefer paying through digital wallets, such as Apple Pay and Google Pay, to avoid touching shared surfaces like point-of-sale (POS) machines. Businesses that offer contactless payment options are likely to attract more customers in the coming years.
4. Reappearance of Brick-and-Mortar Stores
With the availability of vaccines and a declining daily count of COVID-19 cases in some areas, brick-and-mortar stores are making a comeback. Many retailers are reopening their physical stores with enhanced safety measures, such as mandatory mask-wearing and frequent sanitization. Customers are looking forward to returning to physical stores for a more immersive shopping experience.
5. Struggling Fashion Industry
The fashion industry has been hit hard by the pandemic. With consumer spending on non-essential items decreasing, fashion retailers have been forced to shift their focus towards e-commerce. Many fashion retailers have also shifted their attention towards producing comfortable, loungewear items, to align with customers’ changing lifestyles.
In conclusion, staying up-to-date with the latest retail business news stories is imperative for staying ahead of the curve. The constantly evolving industry requires businesses to be adaptable and innovative while keeping their customers’ needs in mind. Incorporating these changes into a business strategy will help ensure success in the new year.
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