Covid-19: An accelerator for the transformations already initiated
“Rethinking the retail business model will require retailers to do more with less, focusing on margin over sales and optimising the levers that already exist within their companies. Download this special report by Retail Reload Consulting for MAPIC that outlines the three core strategies for Resilient Retailers to transform their omni-channel operations, move to predictive big data and procure more efficiently.”
The crisis will accelerate the structural changes that were already happening in Retail.
Increase online business penetration
Boosted by the confinement (forced conversion effect), online business penetration is increasing and more established in purchasing behaviour at the expense of brick and mortar stores and the physical contact it generates. Those habits will then last naturally.
Powerful upswing of ‘deconsumerism’
With confinement, customers are used to buying less. The post-coronavirus recession will only speed up the nascent ‘deconsumerism’ (decrease of purchasing power), which will amplify reassessment of the consumerist model, already shaken by the rise of environmental awareness. This evolution will be more accentuated for Millennials, whose political thoughts and socio-economics behaviour will evolve.
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