4 Key Trends For Retail Entrepreneurs In 2021

The current global health crisis has fundamentally changed the retail world. Businesses of all sizes are struggling to keep up with dramatic changes in day-to-day operations and to anticipate what is next. Consumer spending has rebounded to more than 90% of pre-pandemic levels in the US, according to Opportunity Insights, but it is being directed to different areas. Outlays for restaurants, hotels and transportation are way down, while grocery and home entertainment are up. Total retail spending for the week ending November 1 was about 8% higher than in January. In this disruption, opportunities exist for entrepreneurs. Consumers are behaving differently and retailers are racing to adapt through digital transformation and by diversifying their partners in order to satisfy new consumer demands. Four trends have emerged that are important for businesses who want to succeed in retail now and beyond Covid-19’s driving influence. Read more at Entrepreneur.

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