The COVID-19 pandemic is proving to be the ultimate stress test for retailers. This perfect storm of unpredictable demand, shuttered stores, diminished manufacturing capacity and uncertain shipping lead-times has dealt a body blow to the industry.
Consumer behavior has changed, perhaps irrevocably as a result of the pandemic and retailers and brands are trying to react at warp speed.
Adapting to this requires retailers to not just align investments to the “new normal'' customer behavior but more critically build the capabilities and organization muscle to track and react quickly to changes in customer behavior (demand shifts, appearances of new cohorts etc.). Agility of response in assortment, fulfilment, digital experience and marketing will be the key differentiator in the future.
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