COVID-19 may have changed retail forever, a new study by the Retail Industry Leaders Association has concluded.
RILA’s new report done in cooperation with the consulting firm McKinsey found that the pandemic speeded up some changes that the industry had been contemplating for years. As housebound consumers shifted in droves to the safety and convenience of online shopping, retailers either were prepared or learned they had to quickly get better at serving online customers.
The report outlines seven areas stores need to address to adjust to how the pandemic has changed retail. These include changes that are well-known to some retailers: better personalized service; faster delivery; and meeting the needs of consumers who support companies that match their social concerns.