How retailers can return to profitability post-pandemic
Download full report
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.
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.
We have produced this paper to give retailers a four-point plan of how they can best return to profitability after coronavirus:
- Break down silos between different functions, integrating data and analytics
- Identify the critical success factors underpinning business performance
- Get the balance right between short-term and long-term priorities
- Create a smarter strategy for opening and closing stores
Retail is the lifeblood of consumer economies, and we have already helped several retailers embrace one or more of these approaches.