The coronavirus pandemic has turned the world upside down in many ways and new data from the Retail Association (ACDET by its Spanish acronym) confirms how the coronavirus pandemic has transformed consumer behavior and shopping trends in Puerto Rico, maybe for good.
As reported by THE WEEKLY NEWSPAPERnew trends in consumer behavior include a surge in e-commerce, a decline in “bricks and mortar” sales, skyrocketing use of technology, and a greater focus of purchases on basic supplies (groceries and medications ) and household items.
In its annual forum, ACDET revealed that due to the pandemic, Internet sales increased by more than 35%, while physical stores saw their sales drop by 3% and that more than 60% of consumers used contactless options. , such as mobile apps and curbside pickups.
ACDET Executive Director Lymaris Otero felt that this scenario “forces retailers to adopt systemic and technological changes at a rapid pace to stay in the market. Our mission as a retailer association is to provide the best resources to our members that they can execute.”
Following the transcendent changes that the retail sector has undergone, due to the dynamics of sales on the Internet and now faster after the COVID-19 pandemic, the objective of the forum was to provide security tools in Internet sales transactions and showcase the various changes and global best practices so that Puerto Rican businesses are prepared for the changes that are likely to continue in retail.
“That’s why we are not skimping on the arrival of Dan O’Connor, executive fellow of Harvard Business School and recognized worldwide for the development of the retail generation model and its evolution over time. and countries,” Otero added.
In his keynote address, The Next Generation of Commerce: Are You Ready?, O’Connor introduced his well-known model of retail generations and led the audience on an “evolutionary journey” to see the changes. in business models, talent and capital. that companies, brands and retailers have implemented globally.
During this journey, he urged the public to assess how to effectively implement strategies to stay competitive in the battle between physical sales and internet sales. In recent years and now due to the pandemic, Internet sales are gaining more and more ground compared to sales in physical stores.
“Sales are fragmenting, so retail needs to think differently. Retail generations have evolved from e-commerce to marketplaces to social commerce to “super app” companies. Retailers who are unable to cross this gap by 2025 to effectively integrate their offline business with their online business will not survive,” he warned.
Prior to joining Harvard’s Advanced Leadership Initiative, O’Connor founded RetailNet Group, a “consulting and insights” firm for leading retailers and brands around the world.
Protecting businesses against cybercrime
The opening speech was complemented by a technical presentation, aimed at addressing another pandemic problem, that of cybercrime.
Héctor Guillermo Martínez, President of GM Sectec, a company dedicated to offering solutions and services in cybersecurity and fraud reduction, gave an overview of the vulnerability of companies, especially small and medium-sized enterprises, victims of cyberattacks that threaten their online activities and the security of their customers’ data.
With the acceleration of online stores, companies that do not have secure and encrypted information systems would be three times more vulnerable to cyberattacks.
Martínez highlighted how contactless payments have exploded since March 2020: “Five out of 10 payment transactions are [now] made without contact, Puerto Rico being the leader in the region in this field,” he said.
