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Three Lessons From Retail’s Experience With The Pandemic

Forbes Technology Council

As General Manager of Zebra Analytics, Guy is responsible for the growth, leadership strategy and customer success of the business unit.

The retail industry has led the way in surmounting the Covid-19 pandemic’s challenges with innovation and creativity. This is because, across industries, retail can be thought of as the forefront service provider, servicing people mostly face-to-face. Despite in-store shopping coming to a near-standstill at times, retailers quickly pivoted their strategies to make up for lost revenue and maintain customer loyalty. The result was a 6.9% annual jump in U.S. retail sales, with retailers generating $4 trillion in 2020 — the highest volume of growth since 1999, according to Digital Commerce 360 estimates.

Clearly, after a year of unpredictable ups and downs, the retail industry has achieved an incredible recovery. Other industries can learn from retail’s success, both when continuing to navigate the pandemic in the year ahead, and also when building the right resiliency when faced with unexpected challenges in the years to come.

Embrace E-Commerce And The Online Experience

It’s undeniable that e-commerce (buy online, pick up in-store; buy online, pick up curbside; buy online, ship to address; etc.) was retail’s saving grace last year, with online sales accounting for 101% of all growth in 2020, per the same Digital Commerce 360 report. Retailers rapidly expanded their supply chain bandwidth to meet the explosive demand, whether through localized fulfillment centers or direct-to-consumer (D2C) capabilities. Customers had the option to order their favorite products online and choose between home delivery, or local brick-and-mortar store pickup with limited contact, which gave them freedom and peace of mind.

Regardless of your industry, having an online presence that provides customers (B2B and B2C) with access to your goods or services is crucial to creating long-term revenue growth that is resilient to market changes. The pandemic highlighted that a seamless online experience can make or break an organization's success. We saw restaurants adding online ordering to their website offerings, healthcare providers including telemedicine on their online portals, and B2B organizations adopting new customer service tech. 

In the digital age, simply having a basic online presence is no longer enough to satisfy customers. To meet consumer expectations, companies and organizations must invest in a rich, intuitive online experience that ensures all visitors can easily access the products, services and information they are looking for. With this omnichannel experience in place, companies in any industry can be prepared to withstand uncontrollable external circumstances.

Reimagine The In-Person Experience

When the U.S. was first hit by Covid-19 in March of 2020, in-store shopping came to a sudden halt as new regulations and safety guidelines were put in place and only “essential” businesses were allowed to remain open. However, when retailers quickly adjusted their in-store experience, they provided a safe and effective way for their customers to return — generating both revenue and valuable customer loyalty.

Retailers met the changing needs of their customers and employees by implementing new technologies and initiatives. Personal shopping devices ensured customer service remained exemplary even when staff numbers were purposefully kept low, while self-checkout options allowed customers to make purchases without human-to-human contact. These updates helped ensure customers felt safe within stores while delivering a streamlined shopping experience that maintained a high degree of customer service.

Other industries can follow suit and turn to technology to deliver a safe and satisfying in-person experience, whether in stores, warehouses or schools. For instance, manufacturers implemented innovative artificial intelligence (AI) tools to monitor for social distancing and mask compliance, confirming that all workers on the warehouse or factory floor are protected. Having these solutions visibly in place gives employees assurance that their organization is taking the necessary precautions to keep them safe.

No industry can afford to be left behind the curve of safety adoption. One poor in-person experience could result in the loss of a lifelong customer. Through the thoughtful application of technology, any industry can create an in-person experience that inspires confidence.

Leverage Your Existing Data

Data has always been king in retail, and this was especially true as the industry grappled with the pandemic. Advanced data analytics proved to be indispensable as retailers worked to create seamless customer experiences and protect the safety and well-being of employees. Real-time inventory visibility ensured shelves were properly stocked, advanced analytics enabled retailers to develop employee safety and cross-utilization programs, and advanced forecasting and demand sensing helped manage volatility. Retailers leveraged their readily available data to maximize revenue and customer satisfaction while optimizing their supply chain resiliency and overall costs.

Companies likely already have a wealth of readily available data, and retail’s success has proven that data can serve as a secret weapon. All industries should model their data analytics program after retail’s Covid-19 response. By turning data into actionable insights, they can streamline operations, reduce the potential for human error and remain prepared to pivot whenever necessary.

While retail has experienced its share of challenges during the pandemic, how its leaders have overcome them can provide inspiration for all industries. Through innovative and strategic technology applications, any industry can be positioned for success and growth in the years ahead.


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