Four Strategies for Success in the Age of COVID-19

We are happy to share with you the World Retail Forum analysis of global best practices and retailer interviews. The World Retail Forum identified four strategies for retail success in the age of COVID-19:

In our analysis of best practices, we identified four strategies for retail success in the age of COVID-19. There is a real-time global awakening in the retail and restaurant sectors today. Retailers and restaurants are acting with urgency to rapidly transform their businesses, from supply chain updating to training their frontline employees and more. While there have been marked differences from country to country in the response to COVID-19, a common global experience for retailers and restaurants was that they were taxed to the limit of their supply chains’ capacity, then needed to quickly implement safety procedures, and then had to adjust their game plan based on guidance from their governments.

Now, retailers are urgently focused on making their shopping experience digital, contactless, and pandemic proof. The impact from COVID-19 continues to be a “do or die” proposition for many retailers as the first wave of the pandemic continues and as most businesses prepare for a second wave. The World Retail Forum outlined four steps on the success road map for managing COVID-19.

Collaborate: Discover and share global best practices. Find out what works for your business by connecting with global companies that represent best practices inside and outside your sector.

Pandemic-Proof Your Business: Identify gaps and immediately fix your business so you are prepared for the second wave, which is already in progress.

Focus On The Fundamentals: Mastering the eight business factors that drive success is key. The factors are safety; the human connection; employee training; store design; use of technology; brand story; a unique value proposition; and the ability to change (a visual chart is provided below).

Experience Retail: We see the future of retail as “experience retail.” Shopping centers will become experience centers and retail experiences will be both in-store and in-home. A view of the future of retail is provided with interviews of the CEOs of American Dream and b8ta.( https://worldretailforum.com/best-practices-in-north-america-for-covid-19/)