In response to the COVID-19 pandemic, the near-global shutdown is impacting the retail industry in ways we could never have imagined. Even if the economy recovers, retails and customers could experience an economic scar that lingers for years.
The retailers that survive the COVID-19 crisis are the ones who see the current situation as an opportunity, no matter what scenario they are facing. They’re innovating to help customers overcome the crisis. In that situation, value-driven brands win. And the emerging retail industries after COVID-19 may be big retail, grocery, and fashion sections.
Besides, technology will bring the most pronounced long-term effects of the global pandemic because technology must go first to help retailers get up to speed and become more agile.