Three Lessons From Retail’s Experience With The Pandemic
The retail industry has led the way in surmounting the Covid-19 pandemic’s challenges with innovation and creativity. This is because, across industries, retail can be thought of as the forefront service provider, servicing people mostly face-to-face. Despite in-store shopping coming to a near-standstill at times, retailers quickly pivoted their strategies to make up for lost revenue and maintain customer loyalty. The result was a 6.9% annual jump in U.S. retail sales, with retailers generating $4 trillion in 2020 — the highest volume of growth since 1999, according to Digital Commerce 360 estimates. Clearly, after a year of unpredictable ups and downs, the retail industry has achieved an incredible recovery. Other industries can learn from retail’s success, both when continuing to navigate the pandemic in the year ahead, and also when building the right resiliency when faced with unexpected challenges in the years to come. Read more at Forbes.
