Coronavirus has hit retail—hard Sponsored by IBM
The retail industry bifurcated into the “essential” and “non-essential” . stores, every day was like Black Friday as consumers bought up disinfectants, meat, pasta and lots of toilet paper. This drove Herculean efforts to source products and revise replenishment systems to get goods to where they were needed most. Many retailers announced massive near-term hiring plans to keep stores running and ramp up deliveries.retailers, it was the opposite.
As the retail industry navigates these unprecedented times, here are some initial thoughts on how we see it unfolding and what retailers are doing to keep their businesses afloat and moving forward.1. Navigating the Disruption U.S. retailers are doing this right now. For essential and non-essential retailers alike, the primary focus is on business continuity, setting up new ways of working and communicating with everyone.For essential retailers, this is about readjusting to quasi-normal demand patterns. For non-essential retailers, focus shifts to driving sales even while most or all stores remain closed. And for all, it’s a doubling down on digital platforms as a means of engagement, commerce and operations.
Retail has always been local, largely centered around the physical store . And location is still critical. But the focus needs to shift from the store to the customer. COVID-19 has shown the need to run the entire business locally, driven by the ability to predict neighborhood-level demand and to adjust inventory and operations accordingly. To date, no one has been able to do this at scale. But the need to make it happen will probably create a ripple effect that will transform the way the industry operates, resulting in happier customers and a more agile, resilient and sustainable retail industry.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Drag Race's Brita Filter Doesn't Care If You're Tired Of Hearing About New York.thebritafilter got real with us about her time on RuPaulsDragRace, the pressure of being a New York queen, and where she stands with her Season 12 girls now
Read more »
Starving, angry and cannibalistic: America's rats are getting desperate amid coronavirus pandemic'A new 'army' of rats come in, and whichever army has the strongest rats is going to conquer that area,' said Bobby Corrigan, an urban rodentologist.
Read more »
Hard-Hit Spain Tries A Gradual Easing Of Its Coronavirus LockdownThe move allows some businesses that can't operate remotely to re-open, even as most citizens remain under stay-at-home orders. But critics warn it may be too soon to let up.
Read more »
Despite Stay-at-Home Order, Seattle’s Real-Estate Market Continues to Show UpMultiple offers. Bidding wars. All-cash deals hours after listings go live: Welcome to Seattle, the city that four weeks ago was considered an epicenter of the coronavirus pandemic.
Read more »
Andrea Bocelli Performs 'Music for Hope' from Milan CathedralAndrea Bocelli is hoping his powerful voice can lift spirits around the world amid the coronavirus pandemic -- and he's performing live from hard-hit Italy.
Read more »
Andrea Bocelli Performing 'Music for Hope' from Milan CathedralAndrea Bocelli is hoping his powerful voice can lift spirits around the world amid the coronavirus pandemic -- and he's performing live from hard-hit Italy.
Read more »