How retailers can return to profitability post-pandemic

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Retailers need to follow a programme of continuous improvement, one that involves measurement, analysis, execution, and review to determine what works best for them.

In the wake of coronavirus, retail – particularly non-food retail – is facing one of the most challenging periods in living memory. The COVID-19 pandemic hasn’t so much caused this crisis as accelerated trends and exacerbated weaknesses already evident in retail.

HIGHLIGHTS

A four-point action plan of how retailers can best return to profitability after coronavirus
Break down silos between different functions
Retail under coronavirus

// What we want to investigate and why

Objectives

Retail is facing the most challenging trading environment in living memory. Some categories appear to be relatively insulated from the chill winds of the pandemic, while others are already making deep cuts to their workforce and retail estate. At Ebiquity, we believe the retailers that will successfully ride out the recession, return to profitability, and eventually return to growth will be those that take a data-driven, evidence-based approach to their decision-making.

This paper was developed by a cross-functional group from Ebiquity’s Advanced Analytics and Data Science teams. It is their work on behalf of retail clients that features in this paper.