It’s tempting to stick with old strategies and wait for a time when “things are back to normal.”
But the COVID-19 pandemic has already had a profound and lasting impact. The truth is the retail industry has changed—and you need to change with it. Many retailers have closed physical stores, furloughed their employees, and rushed to activate (or develop) business continuity plans. Some sectors like grocery and online fitness are thriving, but consumers have pulled back on many discretionary purchases and, of course, everyone is learning “no contact” ways of doing business.
When physical distancing finally comes to an end, consumers may continue to be anxious about public interaction and prefer to buy online. “Normal” may not return any time soon. However, it’s likely there will be future events, big and small, that cause market shifts. Retailers who can react quickly, glean necessary insights, and make strategic adjustments will gain a competitive advantage.
This whitepaper by Beata Rycharski and Rupender Malik explores the six key areas of your business model that need to be evaluated with a strong bias for agility and digital enablement in order for you to successfully adapt to a new normal.
Instead of wondering when will things go back to the way they were, ask how your organization can be better prepared to react quickly to a sudden change in market conditions. Retail will make a comeback and it’s going to look different. Will you be ready?