Retailers are currently in survival mode, desperately trying to maintain routes to market and their supply chains in a world turned upside down by the Coronavirus pandemic. Many retailers have had to suddenly adapt to be an online business which has been vital for operating, even if products and sales have been severely reduced, just so they can keep ticking over and to have a presence in their industry. Even start-ups and local producers have set-up online shops and increased their social media presence to help them at the beginning of their business or within their local communities.
Now as the current lockdown ends and the world is slowly starting to return to the new normal, the retail industry will have changed and the effect will be felt for years to come.
The crisis will create many opportunities for retail businesses to thrive and grow as people eventually return to high streets and shopping centres. But to truly thrive in the new era, businesses will also need a robust online presence and a reliable supply chain, as late adopters to eCommerce will more than likely continue to spend this way.
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