The third space

While several are optimistic about the future returning to a state of normalcy, it is quite evident that consumer mindsets have changed drastically. It is safe to say that pre-COVID-19 behaviour might not be the best way to survive post COVID-19,” the report said. The old normal of 2019 and the early months of 2020 is almost certainly gone for good. 68% of consumers surveyed say COVID-19 elevated their expectations of companies’ digital capabilities. 61% expect to spend more time online after the pandemic than before it hit, and 60% said COVID-19 is changing their relationships with technology. Pandemic is pushing retailers to think out of the box and accelerate tech adoption. Even neighbourhood companies are stepping up their game with interesting digital capabilities. Virtual reality is playing a huge role in providing solutions to the market needs. Retailers and consumers are in lucrative sync this way. One is able to get the experience and the other benefiting economically. Companies no more spend on unsustainable materials for their physical stores but invest mindfully with creative ideas on the digital platform. According to a Neilsen global survey from 2019, consumers listed Augmented and Virtual Reality as the top technologies they’re seeking to assist them in their daily lives in a third space. In fact, just over half (51%) said they were willing to use this technology to assess products. We fully expect that interest has since soared as we’ve seen AR shift from being sometimes gimmicky to now solving real pain points for customers, especially amid the pandemic. Overall it’s the beginning of retailers recreating and reimagining their strategies to fulfil consumers needs.