The coronavirus pandemic has sparked a shift in consumer spending habits equating to £12.9 billion annually. Another major shift has been the unprecedented surge in buying online. And however we define it, the new normal – or rather, abnormal – is set to stick, and retailers must think how to best accommodate this change in behaviour to retain customers and maintain sustained growth. For many this is a pressing challenge, one which this fourth playbook seeks to address, with guidance to help businesses adjust to the new demands wrought by the impacts of Covid-19.
Specific areas covered are:
For any retailer or brand, the most pressing concern is experiencing a significant drop in sales and demand. Businesses are having to adapt quickly, with eCommerce increasingly the core business strategy, underscored by making digital channels as ‘shoppable’ as possible. This playbook addresses 3 pressing scenarios below, with considerations and actions to tackle each.
Whilst a drop in demand elicits most focus right now, many businesses have experienced sudden, sustained peaks, as a move to shopping online has caused a continuous surge of website traffic. And this has brought its own problems, with businesses challenged by supply chains issues, scaling up online channels and delivery capabilities, whilst maintaining standards of customer service.
For all the challenges Chinese retailers faced with on-premise retail in many sectors all but suspended, and footfall and supply chains severely disrupted by restrictions on movement, numerous stories have emerged of innovation, resilience and cooperation. And these approaches are likely to prove both crucial and future-ready as businesses pivot to both safety and longer term success.