Brick and mortar spaces will likely undergo long term changes post-COVID
Trend - After the restrictions on public movement due to COVID-19 have eased or lifted around the world, retail spaces will still require additional safety measures in order to keep infection risks at a minimum. This will occur (and is already occurring) in the form of contactless payment systems, limiting customers in-store, and redesigned layouts that enforce physical distance between customers.
Insight - With physical distancing restrictions likely to be lifted before there's a vaccine for COVID-19, governments, brands and consumers alike are concerned about a resurge in infections when life goes back to the way it once was. Preventing this is of utmost concern for most, and so certain measures that lower risks are being considered by companies and institutions. Even once the crisis has resolved itself with a vaccine, the psychological mark it'll leave on people who's lives have been disrupted drastically because of this crisis will likely remain, causing brands to act accordingly.
Insight - With physical distancing restrictions likely to be lifted before there's a vaccine for COVID-19, governments, brands and consumers alike are concerned about a resurge in infections when life goes back to the way it once was. Preventing this is of utmost concern for most, and so certain measures that lower risks are being considered by companies and institutions. Even once the crisis has resolved itself with a vaccine, the psychological mark it'll leave on people who's lives have been disrupted drastically because of this crisis will likely remain, causing brands to act accordingly.
Workshop Question - How is your brand preparing for a post-COVID world?
Trend Themes
1. Contactless Payment Systems - The implementation of contactless payment systems in retail spaces is likely to continue and even expand in the post-COVID world, providing opportunities for companies to create and improve these systems.
2. Redesigned Retail Spaces - Retail store layouts will undergo changes to enforce physical distancing and provide safe shopping environments for customers, creating opportunities for companies to design and implement these changes.
3. Facial Recognition Payments - Facial recognition payment systems, which were already in development, will become more useful and widespread as people and businesses prioritize contact-free payment options, creating opportunities for companies to develop and innovate these systems.
Industry Implications
1. Retail Industry - Retail companies will need to adapt and innovate to create safe and enjoyable shopping experiences for customers, while also implementing new technology and systems to promote safety.
2. Technology Industry - Technology companies will have opportunities to develop new systems and products that support the changing needs of the retail industry and address concerns around physical distancing and safety.
3. Finance Industry - The finance industry will need to adapt and improve to support the growing demand for contactless payment options, including digital currencies and facial recognition payment systems.
