Retailers experienced an era like no other when COVID-19 spread worldwide. Shopping switched from in-store to online nearly overnight. The supply chain experienced unprecedented upheaval in product availability and pricing, and purchasing patterns reshuffled product category priorities. Brands had to quickly shift their operations to serve customers and protect revenue in a time of deep uncertainty.
With regions cautiously reopening, the evolution toward the pandemic’s recovery phase is underway, and it’s time for retailers to assess their position and put approaches in place to succeed in the next age of retail. Changes in consumer behaviors, evolving financial pressures, new product preferences, redesigned shopping and delivery options — it’s all on the table, and with a strong plan, brands can adapt, grow and flourish.
Read on to learn some of the core ways retailers can pivot to meet the new pandemic realities, including:
- Aligning product assortments to customer preferences;
- Delighting customers with enhanced fulfillment services;
- Expanding ecommerce operations to tap new selling channels;
- Strengthening your market position through partnerships; and
- Expanding your customer base in new markets.