The global retail industry’s performance has taken a serious hit due to the COVID-19 pandemic. With little information on how long this crisis will last, what the social distancing guidance looks like even after the pandemic, and if the coronavirus will come back again just as hard, some retailers have made tough decisions, sometimes out-of-their-hands decisions, like business closure and workers furlough.
The average consumer’s purchasing power and in-store sales have dropped immensely. Supply chains have been disrupted. What will last? What is temporary? How are managers and owners managing?
The new retail has grown strong in Asia over the past several years, relying heavily on the internet and data. Can we learn from Asia? Can what we see there boost the retail industry after COVID-19? How should retailers adapt to consumer’s new social norms? What should retailers do now to prepare for the after-war new landscape?
Founder of 5 NEW DIGITAL, a retail, brand and consumer consultancy.
Author, The New Retail: Born in China, Going Global: How China’s Tech Giants are Changing Global Commerce