How the Retail Industry Is Evolving with Time?

CIO Applications| Thursday, March 25, 2021

Fremont, CA: The ongoing pandemic crisis has created an era of unparalleled tension in the retail world in many respects. Retailers have been exposed to previously unknown global forces, which have culminated in months of closures and changes in customer behavior. Although the retail sector has been exposed to vulnerability as a result of this crisis, it has also revealed opportunities.

Significant Opportunities, Larger Trends

Retailers have a wonderful opportunity to rethink their business plan in the coming months. Landlords are more motivated than ever to work with tenants to renegotiate contracts as the demand for real estate has decreased. Retailers can act quickly to capitalize on this opportunity by using agile software and insightful data to analyze and make strategic decisions about individual store locations.

Nobody knows what the retail environment will look like in the coming months and years, but people can benefit from the changing landscape and data patterns that will form the post-pandemic marketplace. This involves a shift away from the conventional pull strategy of attracting customers to the store and toward a push strategy that includes distribution and other types of outbound fulfilment. Although many expect a V-shaped recovery — that is, a steep drop followed by a steep return — most analysts assume it would be more of a swoosh, with a slower ramp to recovery because most customers are hesitant to resume regular activities anytime soon.

Macro developments lie these show the value of agile planning and a staggered and detailed revised market strategy going forward. While the new normal offers new opportunities, it will also be competitive and difficult. As a result, for a successful relaunch, executives must understand the three R's of retail recovery: reorient, recalibrate, and reposition.