There's been talks of the retail apocalypse since 2010. But all of that came to a head as a result of the coronavirus pandemic. Retailers and brands went from knowing they needed to join the e-commerce landscape at some point to needing to join right now.
In our report produced in association with industry publication Retail Gazette, you can discover the experiences of more than 100 UK retailers and how they navigated the rollercoaster year of 2020. See the latest statistics on how the retail industry has changed as a result of COVID-19, plus what the nation's retailers have in store for 2021 and onwards.
Here are some top finds that show why 2020 was the start of a new era for the retail industry:
The majority of retailers changed their operational structure which has boosted agility...
- 88% changed their operational structure, with 37% describing this change as 'radical'
- 53% say they're more agile than they were a year ago
- 36% now action decisions faster than they did before the pandemic
...but challenges like digital capacity still exist
- 46% found 'working from home' to be one of their biggest internal challenges
- 37% say they lack the capacity to meet online demand
Customer databases have changed and retention is a bigger priority than ever before...
- 72% have increased their customer base in 2020
- 40% say their database is now more diverse or broader
- 59% are now more focused on customer retention strategies than they used to be
...but customer recruitment is still important
- While 37% say customer retention is THE key strategy for 2021, 34% chose customer recruitment
Download the report via the form and read more about the above, plus:
- What retailers have done to bridge the gap between their shop(s) and digital teams
- The technologies retailers are expecting to invest in over the next 12 months
- The outcomes retailers are hoping and dreaming to achieve by the end of 2021
Are you ready to implement five years' worth of change in five weeks?