In early 2020, retail was predictable.
Clothes were neatly stacked on shelves and displayed on mannequins, shoppers browsed in search of just the right item, and online orders came into the warehouse and awaited fulfillment. Then COVID-19 hit, and a new reality emerged.
Stores closed and workers and consumers were sheltering at home, leaving retail at a near standstill.
The ongoing health situation has unraveled business processes and societal norms alike, leaving retail—an inherently social industry built on the exchange of physical goods—in a state of flux. There is no clear roadmap for what lies ahead.
While it’s virtually impossible for retailers to anticipate the impact of a health crisis on their business, technology makes it possible for retailers to adapt their business models to maintain operations and reemerge to lead with strength
We anticipate a shift in consumer behavior and believe that a new set of consumer journeys will emerge. Whether a retailer was 10% store-based or 100% in the past, their current strategy must take all assets and channels into account to power a new set of customer journeys.
While store floors may remain empty, retailers will discover and redefine unique ways to leverage the storefronts by adding options that they may have never thought was needed before like giving the option for your customers to order something via their phones to pick up at the store itself or simply shipping the item to them.