The impact of COVID-19 on store inventory stock has been evolving during the pandemic and many stores found it more difficult to stock for their consumers. Several factors led to new stocking methods, such as supply chain interruptions, closings of once-vigorous retailers, more online shopping, changing last-mile delivery methods, and the ever-changing buying habits of the typical American consumer.
There has been a huge change in shopping behaviors among both Americans and consumers across the globe. More and more are buying online. Folks are changing what and how they buy as well as the quantity they buy.
For many, it's as simple as trying a new retailer with better supply chains and new products that are readily available, including online retailers. This can be said for single-purchase items as well as those bought in bulk, like corn, carrots, and other goods. Without question, the impact of COVID-19 on store stock for consumers is changing the buying landscape, and it will never be the same.
Disruptions in the supply chain affecting the supply of raw materials themselves, transit to and from retailers, or even the loading docks that were once busy are making some brick-and-mortar retailers look as much as part of a ghost town as the mercantile of the Old West. The Portland Business Journal highlights the need for digital solutions that promote business continuity and customer satisfaction by mitigating supply chain interruptions.
On the other hand, the pandemic has been a boon for e-commerce stores and webpage designers across the globe, creating a new model that may be the path and mainstay of retail for the coming generations. It also opened doors for many last-mile logistics companies developing new home delivery models.
Consumer buying habits
What are people buying specifically and what has been the impact of COVID-19 on store stock methods? At the beginning of the pandemic, crazed buying of essentials at traditional retailers, including items such as toilet paper, hand sanitizer, wipes, paper towels, diapers, and workout equipment was common. Many consumers couldn't find these items when they needed them, and some turned to buying them in bulk.
According to Numerator and Big Commerce, consumers are increasingly avoiding brick-and-mortar retail locations in favor of e-commerce. Markets such as food delivery, grocery purchases, apparel, vehicles, and even home and land purchases (Halderman converted May auctions to online only) are going digital at an ever-higher rate as the new digital economy expands.
This market change, in which consumers are buying back-stock instead of a few items at a time or buying in bulk, continues to test stores' ability to bring products steadily to market. Internet-savvy consumers appear to have settled in and are buying from huge, stable online retailers that mimic their new buying habits, purchasing huge loads of products themselves in order to meet the escalating demand and prepare for the upcoming winter and holidays.
The pandemic brought hardship and changes for many industries. Halderman Real Estate and Farm Management stands with farmland owners and tenants, helping them buy and manage farmland and continue doing business. With a rich history in the farmland market, we have seen the continued growth of online business and have worked tirelessly to help our clients sustain their way of life.
As we continue to expand and evolve with the times, we will work to provide options that can go a long way toward helping you effectively keep your property productive and meet your local supply chain's needs. We were there to help Americans out of the last major epidemic in 1930 and look forward to being there for them long after COVID-19 has run its course.
To learn more, reach out to us on our website or give us a call at (800) 424-2324.