Retail Week: August 4, 2020
Retail stores have always been focused on delivering a great experience to their customers and building relationships that create long-lasting loyalty. However, post COVID-19, there are behavioral changes in the way consumers shop because of concerns around health and safety, and this is having a profound impact on retailers’ profit and loss (P&L).
Delivering safe, connected, experiential retail without adversely impacting P&L calls for a new operating model powered by algorithmic retailing. The entire retail business model must be re-aligned to macro environment changes. Retailers who harness data well with an algorithmic approach will be able to deliver a truly unified proposition that is profitable, while transforming into a resilient, adaptive, future-ready business.
This paper highlights six themes that will power future stores to drive superior omnichannel engagement and convenience, empowering customers to shop on their own terms.
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