New retail mindset
I think retail in the near future will absolutely shift to online platforms. Looking at the current situation where everything should be contactless, physical stores may completely close.
There is no doubt the pandemic has changed the world and the retail landscape is no exception. It is one of the industries that suffered huge losses that led many to close their physical stores and say goodbye to some of their employees.
With safeguarding protocols and strict, safety measures that come with re-opening, the future of retail is yet to be set in stone.
We asked a few shopaholics: what do you think is going to be the future of retail?
Gabrielle de la Cruz, 21
Many people say that EVERYTHING will never go back to the way they were, and I’d like to believe that. Not quite sure if the prices of goods will increase or decrease but I’m hopeful that people have learned to be more conscious about sanitation. Also, I feel like people will value food supply and necessities more now because they have seen some products are not essential for them to survive.
Raye Sanchez, 21
E-commerce or online shopping will definitely flourish. Although online shopping already lessens the hassle for consumers when purchasing their needs, the process is still not flawless but once everything is set in stone, brands will definitely upgrade their systems.
Danielle Macadangdang, 21
I think most retail businesses will go online. The only problem is how transactions between buyer and seller will go since right now, we only have limited movement; things are slower than usual.
Jerome Moreno, 21
Social media has been the new face of shopping/retail these days especially during the pandemic, when we could not go outside.
Some of the sellers turned their physical stores into online stores where they can maximize the platform through live, posting photos of the product, promotional materials, etc.
On the topic of their future, I don’t think they’re going to lose buyers. In fact, they are going to reach more people by using social media platforms.
It depends on the seller/owner of the business if they are going to put up or continue having physical stores for those buyers who prefer to seek products on social media and visit the store before closing a deal.
Care Balleras, 21
I think retail in the near future will absolutely shift to online platforms. Looking at the current situation where everything should be contactless, physical stores may completely close. However, online retailing poses more challenges like monitoring the authenticity of goods, physical store personnel will become jobless, and more businesses will start from scratch or worse, will file for bankruptcy. Currently, there are talks about taxation of online businesses and if this will push through, there is a huge chance that these online businesses would go underground to avoid paying taxes, making the retail industry unstable.
Alec Bardiano, 23
The future of retail lies in online marketing wherein everything will be done, from acquiring and making an order to the delivery of the goods, online. This will help everyone save time and effort. But if we don’t find a way to distribute the resources correctly, there will be repercussions that can potentially harm the planet in the long run.
Eljohn Domingo, 23
Since the Philippines is used to the tingi concept I think Filipinos are more likely to buy wholesale then sell them in their areas because not everybody can afford bulk buying.
Darien Bas, 24
I think that with the threat posed by COVID-19, we will find that more and more retailers will shift to an e-commerce model to promote cashless payments and to minimize physical contact.
Kar Coronel, 22
Still retail because it’s costly to buy wholesale. To be honest, you’ll be surprised, too, when you do grocery shopping. We have been used to the concept of tingi or sari-sari store ever since. The retail culture won’t die even though the trend of online shopping is here.