LBM adapting to the new retail environment
Lumber and building materials retailers around the country were fortunate when they were deemed essential businesses and allowed to remain open. While some states included them in lockdown and closure orders, many have been able to continue doing business as usual, or at least as normal as it can be. It’s provided peek into the future of how businesses looking to thrive will need to adapt to the new retail environment.
Retail experts predict consumers are developing new shopping behaviors that require businesses adjust their practices.
It’s a Digital World
Shoppers are expected to continue to lean toward e-commerce and pick-up in-store, a trend that started close to 20 years ago but was hastened by the health and economic crisis. Sale volume in e-commerce marketplaces increased 30% from mid-March through early April, according to a report from research firm Rakuten Intelligence.
Those digital sales reach far beyond a store’s website, too. Making an online sale is the first step, but retail businesses need both digital and physical tools to fulfill those transactions. The use of curbside pickup programs such as BOPIS (Buy Online, Pick up In Store) and delivery options were already trending before the coronavirus began sweeping the globe. Now, the increases are off the charts. BOPIS orders increased 208% during the first 20 days of April compared with the same period a year ago, according to Adobe Analytics.