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Traditional stores are doomed, says co-founder of PayPal



Shoppers will not return to stores and malls, so retailers will have to invent new ways to trade.
Ramoprimo - TGY

The rapid development of online shopping during the Coronavirus Pandemic will not be able to crowd out shopping in physical stores altogether. Still, it will completely change the way retailers organize themselves. Max Levchin, who is one of the co-founders of PayPal, shared his reflections on this issue with Business Insider.  

Some customers will not be in a hurry to return to the physical stores after they had been appreciated the convenience of online shopping. One of the approaches should be to reorient stores to the points of delivery of goods. At the same time, customers will select products and order them online and receive them already in the store. For many small networks, this approach requires significant investment, because, at the moment, their technological base is not ready for it. 

Another approach may be to use physical retail spaces more as showrooms for products, where customers choose to order it then online. This format does not require you to create stocks of goods and organize warehouses directly in the store. Examples of this approach already implemented include Apple stores.

Shoppers are unlikely to give up the pleasure of shopping altogether, but retailers' goal is to make the process as secure as possible by moving some of their procedures online. It may require a shift in priorities. Instead of investing in real estate, retailers, especially small market players, will need to consider investing in modern technology solutions. Without this, it will be complicated to manage inventory, orders, and returns.

More about shopping malls in the USA



YESTERDAY, USA:
The company's goal is to open new stores, renovate existing ones, and develop online retailing.
YESTERDAY, USA:
Despite the gradual emergence from the lockdown, shopping malls continue to face significant challenges.
DAY BEFORE YESTERDAY, USA:
It plans to open about 40 such mini-stores in an area of about 50 square feet, which will sell the brand's goods.
DAY BEFORE YESTERDAY, USA:
The last of the closed Apple Stores in the U.S. was reopened the other day - it is located in Texas.
Mar 1, 2021, USA:
Filling your cart with items and leaving the site without making a purchase has become the post-pandemic equivalent of window gazing for young shoppers.
Feb 26, 2021, USA:
It will be the most significant expansion in Sephora's history, demonstrating its confidence in the retailer's future.
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