It’s onerous to imagine that it was only a 12 months in the past that we, together with 37,000 others within the international retail trade, crowded into New York Metropolis’s Jacob Javits Heart for the annual Coachella of retail. This occasion is named the Nationwide Retail Federation’s “Huge Present”.Within the midst of optimism for a brand new 12 months, we did not understand that 1000’s of miles away in a metropolis few may find on a map, an invisible entity was poised to vary the world and the retail trade.To emphasise the purpose, the Javits Heart was remodeled into a short lived hospital for New York Metropolis sufferers inside a couple of weeks of the convention.
Retail Prophet, identical to you, discovered itself pivoting within the Covid-19 disaster.We started writing a e-book, created new podcasts and had fully new conversations with fascinating folks. Every individual has their very own tackle the way forward for our trade because it emerges from the chaos.
We’re approaching the tip 2020 and looking out ahead to a brighter future, so we thought we might share a few of our analysis, conversations, and work that was achieved to organize for 2020.
Retail Prophet, in partnership With Brookfield Properties and The Enterprise of Vogue, started to develop, write, and current a brand new podcast collection entitled Retail Reborn.The collection options over 20 hours price of interviews with specialists and gives an summary of retail’s postCovid future.The collection featured among the most sensible minds within the trade to make clear altering client habits and quickly altering applied sciences.
Doug Stephens was already engaged on a brand new e-book when Covid-19 struck our founder.It grew to become clear that 2020 would solely have one worthy story.After a dialog together with his writer, Doug started researching and writing resurrecting retail: The way forward for enterprise in a post-pandemic world.The e-book can be printed in Spring 2021. It examines the impression of the disaster on the worldwide retail trade and presents a imaginative and prescient for the long run retail panorama.The e-book additionally gives a roadmap for companies to navigate the extremely aggressive post-pandemic market.You can pre-order your copy here or wherever you get your books.
Data is one of the simplest ways to battle chaos.We reached out to our community of retail colleagues early within the epidemic to study extra about completely different facets of the enterprise.We explored all the things from luxurious items and procuring malls to expertise and buyer expertise to light up the long run retail.
Covid-19 required us to look at a wide range of subjects, together with the remedy of frontline staff in retail through the pandemic and the doable exodus from main cities of worldwide customers.We wished to see how Covid is altering retail and the communities it serves.We seemed past the headlines to know why sure manufacturers did higher than others within the pandemic, and the way companies can face the challenges posed by a a lot bigger and extra highly effective Amazon.
The loss of life of George Floyd in Might was felt throughout North America and the world.Protests erupted, and the worldwide dialog about race and equality reverberated.Reilly Stephens examines the brand new guidelines that retailers and types should observe with regards to social points.
Doug Stephens believes Covid-19 can be a historic occasion that can finish many retail species and propel the evolution of what he refers to as ‘apex predators’ corresponding to Amazon, Alibaba and Walmart.What does this all imply for everybody else?Solely the fittest will prevail.
Many companies that have been thought of “important” within the aftermath of the pandemic praised their frontline staff as heroes.Doug explains on this article that many of those staff are underpaid and stripped of their rights, making them interchangeable elements in a worldwide procuring machine.
The enchantment of cities earlier than the pandemic has been misplaced.What does this imply for retail gross sales?Doug believes that the rise of the “work-from-anywhere” revolution will pace up the emergence of a postdigital age for procuring.
Interviews and Commentary
There’s a silver lining to any disaster: it typically forces you ask new questions.What can we study from the intersection of artwork, retail, and different arts?How will the pandemic have an effect on ladies?These have been simply among the subjects that we have been requested to look at.
There’s excellent news, and never solely that vaccines are coming quickly.
Covid-19 was a managed fireplace within the retail sector. It took a variety of the useless wooden and dying manufacturers out of the sector.We’re optimistic that vibrant, younger entrepreneurs will be capable of flourish and develop in a world the place they’ve misplaced their method.Now we have been pressured to cross the digital threshold as customers by the pandemic. This has led corporations to take a look at new platforms for communication, well being and commerce.As enterprise leaders, it has pressured us to be artistic, modern, and most significantly, compassionate in instances of disaster.It has additionally proven us how interconnected and interdependent we’re as a worldwide group.We’d like one another.These have been onerous classes, however they’re nonetheless beneficial.
Lastly, we wish to thank everybody who has adopted, commented, and shared our work.It means a lot to us.It has been a beacon of hope in turbulent instances and a information to calmer waters.
Here is to brighter instances forward.
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