We spoke to CEOs of some of the biggest retailers in the United Kingdom and the United States in May 2020, and it was striking how immediately and consistently they emphasized the importance of grounding their leadership in their organization’s values as they lead through the crisis and stressed the need for leaders who put people first. This need will define great leadership in the next generation.
Over the years, the popularity and convenience of online shopping has continued to grow. Therefore, retailers are continuously faced with the challenge of capturing market share in a hypercompetitive environment. To do so, they're turning to promotions such as free shipping to lure customers in. Being able to offer free shipping profitably will be a big factor in determining a retailer's long-term success, especially in light of the COVID-19 pandemic.
Brand trust in the post-COVID-19 world is even more consequential after such an existential threat, especially as consumers have more trust in the brands as themselves than their own governments, according to the Edelman Trust Barometer. Of course, this doesn’t apply to all brands, but only those brands (we previously suggested) that provide the appropriate emotional connection and context. For customer loyalty, the emotional relevance of a brand is intrinsically tied to trust, and vice versa.
The Industrious has spent most of its corporate life focused on creating touch-based digital experiences that facilitate a brand conversation and tell brand stories. However, in a society transformed by COVID-19, to what degree will people be willing to touch screens and congregate around monitors? We believe a new, slimmer and more experiential retail experience that makes novel use of space will be essential for success under these new conditions.
From how people feel about brands and businesses, to what and why they consume products and services, the one thing we can count on right now is change. This change has caused uncertainty and anxiety, as well as a drastic shift in attitudes, behaviors and consumer sentiment. We must deeply understand the consumer mind-set around money and how this crisis is impacting consumers’ financial lives.
The COVID-19 pandemic hit the retail industry hard in 2020, forcing widespread store closures, declining revenues, and pressure on cash flow, except for grocery, drug and other essential businesses. Other compensation actions, such as the elimination of merit increases and low, or no, annual bonus payments, were common among the most impacted companies.
We blinked and, suddenly, the future of work became now. The COVID-19 pandemic circling the world transformed the gradual advance of remote work into a stampede, compelling millions of people to abandon the office and go home. Now, companies and their workers ask: “How do you do distributed work the right way? How do you run a remote operation with the most efficiency?" Toptal knows the answer firsthand.
To help address the retention challenge, retailers are looking to technology solutions that can help them leverage their most critical asset — data, and more specifically, customer data. Data on where, when and how much customers spend provides retailers with the information they need to craft relevant messaging and offers. With that, they can increase engagement and build long-term, loyal relationships.
As retailers and landlords prepare to re-engage customers, communicating safety, building confidence, and enticing consumers are paramount steps. Retailers will need to control every aspect of the store environment, and plan, in detail, the consumer experience and journey in-store.
As we move toward recovery, companies that halted operations due to shelter-in-place orders will soon face a new challenge — maintaining social distancing guidelines in manufacturing and distribution center environments. To that end, a panel of experts and specialists in the logistics, industrial and production sectors have come together to share experiences and industry knowledge to create this open document of international best practices.
