How The Pandemic Is Reinventing The Business Of Retail

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Year three of the COVID-19 pandemic begins with the retail industry battle-weary but having weathered and, in some cases, even capitalized on an epic worst-case management crisis. The good news is that the retail apocalypse of 2020, having cleared the field of weak competitors, spurred surviving brands and companies to rethink and reinvent how they do business.

 

We know what doesn’t work. Now what?

A key concept that will shape the future of the industry is collaboration, both within enterprises as well as between retailers and their sources, their partners, and their customers. This is new, a seminal change from the way the industry has operated for a century.

 

My first introduction to the dysfunctional aspects of retailing was in the early years of my career, when I worked for a supply chain technology company. We focused on logistics, product and demand forecasting, managing just-in-time inventory, and so on.

 

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retail pricing  retail success  retail disruption  supply chain challenges  digital supply chain  Coronavirus  COVID-19  market disruptions

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