Summary
Recent events have led to a massive upheaval in the retail sector. Retailers 5 year investment plans either became irrelevant or ‘tomorrow’s investment plan’. Lockdown forced customers to find other ways of shopping for non essential items from their favourite brands.
These changing dynamics created opportunities and challenges for retail teams; at a time when many themselves were having to work remotely and adapt to new working practices. Of course, a key question now is “will these trends continue or will the new-found use of online retailing wane once the stores open fully again?”
At a time of change such as this, there is often a demand to relentlessly innovate. However, whilst innovation is key to avoid brand stagnation, every retailer is different and there is no ‘one size fits all’. Key to success is understanding what investments add to the business goal whilst keeping pace with close competitors and customer expectations; and it is not just about marketing!
This report will review some of the action points that mid sized retailers can undertake to retain the customer, be they multichannel or pureplay, with expert insight from the reports’ supporters Remarkable Commerce.