It was a ticking time bomb: in a pre-COVID, increasingly omnichannel-driven world, many areas of the world were already over-saturated with physical retail. And now that the COVID-19 pandemic has either forced or prompted consumers to shop differently — often online for the first time — the shift to e-commerce has dramatically accelerated.
Without a unique value proposition, the vulnerable retailers that already struggled before the worldwide pandemic will be the ones likely to suffer from lack of foot traffic and sales, as consumers tighten their belts and pull back from nonessential trips to brick-and-mortar stores.
No matter what happens in the coming months, learning to adapt is key to coming out of the crisis stronger. Let’s take a look at how the retail industry will change after COVID-19 and how retailers can survive in the new world.
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