To succeed after COVID-19
July 24, 2020 To succeed after COVID-19, retailers must assess their revenue management practices, operating models, digital capabilities, capital investments, and M&A strategies—then make bold moves to transform themselves.MOST POPULAR INSIGHTS COVID-19: Implications for business ‘True Gen’: Generation Z and its implications for companies Ready, set, go: Reinventing the organization for speed in the post-COVID-19 era Consumer sentiment and behavior continue to reflect the uncertainty of the COVID-19 crisis Reimagining the office and work life after COVID-19 .
So now what? That’s the eminent question US retailers face in the wake of the COVID-19 pandemic. After months of quarantines and phased recovery, it’s clear that standard operating procedures in retail have changed and will continue to change as health and economic implications of the novel coronavirus evolve.
Retailers must act now, not only to keep pace but also to thrive in new market conditions. Most will need to significantly rethink their strategies and business models in the next normal—for example, what kinds of goods and services do consumers want and need in this changed environment? What macroeconomic factors will inform their purchasing decisions? Which new consumer habits will stick, and for how long? Retailers’ ability to answer these questions and find success in the next normal will depend, in part, on the sub sectors they operate in and their overall liquidity. It will also hinge upon the degree to which they can adopt new capabilities and draw on new expertise—some of which they may need to leverage through mergers, acquisitions, and partnerships. To begin this transformation process, retailers will need to systematically assess their capabilities in five areas that are critical for any retail operation to succeed: revenue management, operating models, digital, capital investments, and M&A and partnerships.
Make It A Champion Day! Brandon Hardison Champion Strategies / Shopsmart Autos Brandon@shopsmartautos.com or 404-394-8286
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