Today’s retail industry is undergoing one of the most dramatic shifts in economic history. The systems, processes, and strategies that supported day-to-day operations just a year ago are now null and void, leaving retailers scrambling to avoid the next train to bankruptcy.
In a recent survey completed by Coresight Research and Bamboo Rose, we asked 118 American retailers and direct-to-consumer (DTC) brands about the ensuing business challenges, operational changes, and strategic investments they’re considering in response to COVID-19-related impact. Just take a look at these two stats:
• 50% of survey respondents said supply chain agility and flexibility is their biggest business concern over the next 24 months
• 57% said the most important part of their job is to see financial implications of decisions in real time
Our VP of Marketing Nate Fleming unpacks these findings to pinpoint quick actions and best practices for retailers, wholesalers, and suppliers in this new retail era.