For many retail organizations, the recent months have put the strength of every policy and procedure they have to the test, with COVID-19 forcing mandatory shutdowns of physical locations across much of the world. Even as countries begin to emerge from the lockdown, it is unclear what the new retail landscape will look like, and companies are advised to consider the following five items when planning for the future:
1. Recognizing the importance of E-commerce, as consumers have developed increase interests in curbside pickup of online orders.
2. Ensuring robustness of supply chains, to confirm those online orders can be filled in a timely manner.
3. Working to retain or attract critical talent, to help build customer loyalty by ensuring essential staff can maintain relationships.
4. Maintaining detailed inventory tracking to prevent shortages of critical consumer items, or offer suitable alternatives.
5. Developing of flexible and sustainable business models, capable of adjusting to a rapidly changing retail environment.
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