COVID-19 is a once-in-a-century pandemic that will likely change shopping patterns in ways we couldn’t even have predicted a year ago. But the pandemic is just the latest disruptive force in an already-risky global retail environment. Business challenges that before were merely “emerging” are here now, and retailers and their suppliers are feeling the full force of their impact.
From skyrocketing online demand in grocery and general merchandise leading to dramatic backups in order fulfilment processes, to huge amounts of excess inventory threatening to overwhelm already stressed fashion and apparel supply chains, this Industry Perspective paper explores how the pandemic is affecting retail supply chains built for efficiency rather than agility and how the crisis is creating a new baseline that will determine tomorrow’s retail winners.
The paper provides recommendations for what retailers should be doing to mitigate the immediate impacts, along with mid and long term strategies to survive and thrive, detailing the key capabilities and technologies that will be required to transform their enterprises to succeed in today’s ‘never normal’ business environment.
As things change daily, you may want a checklist of suggestions to help move ahead. Review our Retail Supply Chain Disruption checklist for a quick summary of the near- and long-term actions and considerations for retailers.