The retail industry is in uncharted territory. While non-discretionary categories have witnessed high temporary spikes, the impact on segments like fashion has been catastrophic, resulting in store closures, staff furlough, and other measures to control costs and maintain short-term solvency. COVID-19 has brought a significant shift in consumer behaviour while they are cocooned at home - an inclination towards comfort foods and a marked shift to digital for shopping, entertainment, and education.
Retailers are battling immediate challenges in maintaining operations, keeping customers and employees engaged, and for some, even staying relevant. Simultaneously, they are keenly observing how consumer shifts may impact their business models as they emerge on the other side. With a moving horizon of when a true turnaround can be expected, retailers’ focus is on creating response strategies in the short-term; driving stabilization, and building momentum in the mid-term.
At ThoughtWorks, we are leveraging our expertise in technology and business to help retailers evolve their business:
- We helped a global furniture retailer refine their omni-channel strategy to support their e-commerce and inspiration App and Tmall store launch during COVID-19
- We helped a global coffee chain launch no contact order in store and delivery to home, which allowed them to continue serving customers during COVID-19
- We helped a global luxury retailer to equip their sales associates with personalized digital selling tools to stay connected with customers remotely and continue to earn revenue from the comfort of their homes