Future of Retail in The Post-COVID World
Under complete lockdown in many countries, the economy is in shambles and many professionalsface the risk of losing their jobs. The current situation leaves us thinking, what will be the future of retail in the post-COVID world? To address the topic, SpeakIn has invited industry experts Bijou Kurien – Strategy Board Member at L Catterton Asia, Vineet Gautam – MD, Bestseller, Ashutosh Pandey – MD at Mahindra FirstChoice and Venu Nair – CEO at Westside Trends for a healthy discussion on the topic and enrich our listeners with their expertise. The session will be moderated by Iti Rawat – Retail Expert, SpeakIn.
It’s not a surprise that post-COVID, retailers will have piles of inventory and a sluggish recovery but as evident from past retailers are incredibly resilient. Despite everything that’s been thrown at the retail world (from economic turndowns to the threat of a literal market apocalypse) it has the ingenuity and perseverance to rise above and emerge stronger. Retailers will face market and price fluctuations as soon as market reopens. Retailers will look out for a ‘new normal’ balance in the market. It’s difficult to say how long they’ll take to recover from the losses post-COVID. Only future can tell us whether the retailers will be forced to change their business model or hold up to the losses.Also, will the government take any measures to ease the situation for retailers and ensure customer and business safety? What will be the customer-retailer relation in the long haul?All these form a pool of questions that only industry experts can predict and answer.
During any stressful time, the temptation may be to focus on short-term performance via aggressive marketing and sales promotions. The smarter play, however, is to focus on the future. Models will have to be developed not only to survive, but also thrive.
Regardless of the overall impact of this Coronavirus pandemic, the cost of writing off the rest of 2020 and planning to hit reset next year is enormous. Instead, HIT RESET NOW.
Don’t miss out on the key insights of where the retail world is heading. Register now and grab your passat https://www.speakin.co/webinar-details/27
Source: CSA
