THE NEW NORMAL IN BUSINESS: HOW RETAILERS NEED TO EVOLVE IN 2020

George Cosmin Tanase

Romanian Distribution Committee Magazine, 2020, vol. 11, issue 3, 27-31

Abstract: The retail world is reopening its doors to an uncertain and different future. No one knows exactly what the new normal will look like and core retail sectors such as grocery, homewares or furniture and fashion are only now adjusting to the implications of an enforced shift online for consumers and to a whole season lost to lockdown respectively. The global COVID-19 pandemic has already had a profound and lasting impact on the retail industry. Seemingly overnight, may retailers closed physical stores, furloughed their employees, and rushed to activate (or develop) business continuity plans. As we enter the stabilization phase retail leaders may be tempted to wonder when things will get back to normal. A better question to ask is: how can the organizations be better prepared to react quickly to a sudden change in market conditions?

Keywords: Digital Engagement; Payment Options; Forecasting; Planning; Customers; Competitive Advantage (search for similar items in EconPapers)
JEL-codes: L81 M31 (search for similar items in EconPapers)
Date: 2020
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