Retail is facing some significant challenges thanks to coronavirus. Learn how to face these challenges head-on!
The coronavirus crisis has brought up numerous challenges for industries across the board – and that includes retail. While COVID-19 is forcing some industries to make changes they were not ready to implement, when it comes to retail, we’re finding that COVID-19 is merely accelerating changes that were already underway, changing brick and mortar institutions to brick and mobile.
Changes for Retail
COVID-19 is challenging retail to change the way it’s done things for decades. Unfortunately, according to Retail Customer Experience, consumers in many areas of the world have stopped spending as much money as they normally would as jobs are lost and lower wages are earned. COVID-19 has certainly brought about a time of uncertainty as many are unsure as to how long the pandemic will last. The landscape is changing too; shaped by panic buying, stores are running low on supplies like toilet paper and eco-conscious shoppers are being told to leave their reusable bags at home.
Most significantly, shoppers are experimenting with e-commerce – some for the first time. Experts predict that this multi-generational event will shift the mindset of shoppers forever. Trends include a shift in the needs of shoppers. For instance, fashion is out while buying necessary goods like eggs and hand sanitizer are in. People are even experimenting with buying their groceries online and curbside pickups rather than going into grocery stores.
Retail Needs to Innovate
Retail is at a critical point in its lifecycle, with stores needing to provide a positive customer experience amid the COVID-19 crisis. Ways they can do this include managing deliver delays, out-of-stocks and using more personal shoppers through companies like Instacart.
Digital becomes important here as retailers need to revisit, revise and integrate their digital strategy across the enterprise. They also need to have a unified data platform that lets them adjust to customer expectations.
Only retailers that are embracing digital transformation will be able to emerge on top once stay-at-home orders have lifted.
In this webinar, we discussed new and trendy cutting edge technologies that are being used by retailers to deal with COVID-19. Then, we focused on challenges in delivery and execution when it comes to these new technologies, as well as several case studies. “Brick & Mobile: SMART Retail” is a fascinating discussion that will zero in on the fact that COVID-19 wasn’t an event launcher, but an agenda accelerator. Featuring Sam Selim, Global Senior Director, and George Millard, CEO of MOZAIKO, this will be a talk you’ll definitely want to tune into!