With the ever changing business environment during this Covid-19 era, retailers have evolved through the last year and adapted to the new ways of doing business.
In-store innovations with the launch of new e-commerce experiences and contactless shopping have helped certain retailers stand out as opposed to others.
Here are four strategies that will boost retailers to grow in 2021 :
- Launch of Retailers digital ecosystem: Brick and Mortar stores have seen the urge and need to set up their e-commerce platforms and different revenue streams like new collaborations, subscription models and memberships. Some of many retailers have been far more daring than others to evolve with time and meet the face paced needs their customers expected from them.
- Adapting to the New Supply Chain and convenience: In 2020, retailers studied different trends of online shoppers and how they could serve their customers with last mile deliveries and needed to invest in digital acceleration to meet the ne’er of the hour. Retailers have to update and innovate their supply chain to improve their ability to anticipate demand.
- New Product Development: Understanding the “Work from Home” culture to different products needed by customers during this time, many giant retailers have introduced products in their range, which is more relevant to today’s time.
- Health and Safety First: Customers are keen to know if retailers are following Health and Safety standards. Be it the sanitization process or the well being of the delivery staff, brands have invested in ensuring the same