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.

Read the complete article here.