Changes In Retail During COVID-19
Just wondering how much change in retail will take place because from what I have been reading in some media outlets it seems that this COVID-19 virus isn't going to go away anytime soon.It may slow down its progressing but let's be real it is going to come back in a bigger way but slowly and it is going to really make customers change their shopping style or it may even make employees of retail business to take even more precaution on how they will interact with their customers.
That is one change that I know about from my observation. Another change that will take place I think will be transactions and how they will be taken or accepted from customers because it seems to me that most places only take debit or credit cards from customers and not cash.So I am thinking that most payments will be taken by credit or debit making it harder for most retail businesses in hiding most of their money because with debit or credit cards it leaves a paper trail for tax authorities to look into if the owner has defaulted on their payment to the government.
With cash it often never gets taxes since most business owners in retail keep the cash transactions after they have hidden it since with debit or credit cards the money itself can be traced by the CRA and IRS making it easier for them to collect taxes these retailers will own. I am not sure but that is my observation and it could be incorrect. But with more businesses collecting less cash for payment from customers, cash business will be obsolete since everything will be done electronically by computers. More customers will use apps to do most of their shopping and to book movies to see. So those are the changes I think will take place.