The COVID-19 pandemic threw a massive curveball at retailers. Some stores were closed during initial lockdowns, but essential businesses such as grocery stores, pharmacies, etc. remained open with operational restrictions. Still, others saw great increases in sales. Throughout 2020, the pandemic forced wider retail adoption of use cases such as curbside pickups, BOPIS, etc. and payment methods such as contactless amongst stores and shoppers alike.
The payments industry is going through a significant transformation in the US. The COVID-19 pandemic has catalyzed many technology & market trends (such as contactless, curbside pick-up) that would have taken longer to be fully adopted by the broader industry. Back in January, we showcased our as-a-Service program among other innovations at National Retail Federation’s Virtual show. After the show concluded, our conversations around the as-a-Service program have continued and we see growing interest in this idea.
After a year of nothing but the unexpected, the 2020 holiday shopping season was generally pretty predictable. Even without taking the impact of the COVID-19 pandemic into account, the industry saw the continued move away from in-store cash sales to digital and omnichannel experiences, which began several years ago.
Covid-19 gave the $19 billion-dollar amusement and theme park industry its biggest ride yet.
The COVID-19 pandemic has fundamentally changed the way we live, shop and do business. Those that have been working from home for the past few months have realized the benefits of it. According to Accenture’s recent report, “How is COVID-19 Changing Retail Consumer,” 53% of people who never worked from home previously now plan to continue to in the future. When it comes to retail shopping, merchants think hard about measures they should take to make shoppers feel safe and comfortable. Consumers on the other hand, also look at store guidelines before deciding if they want to shop there or not.
