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Retail apocalypse will not end any time soon: retailers must innovate and adapt to stay relevant post-pandemic

Retail apocalypse will not end any time soon: retailers must innovate and adapt to stay relevant post-pandemic
The Siliconreview
24 Febuary, 2021

In recent times we can find many “for lease” signs in our neighborhood, which shows the sorry state of retail’s future. The traditional shopping experience is slowly eroding, and digital Darwinism is catalyzing the event. Over the last few years, digital technology has been consumerized, and it is affecting consumer’s loyalty, behavior, and preferences. We must understand that for a long time, a trend of adapt or die is very prevalent due to the ever-changing technological landscape. When the pandemic was setting in, lockdowns were enforced, putting non-essential retailers out of business for a while. The pandemic had accelerated digital adoption everywhere as shoppers preferred to stay indoors.

The ongoing disruptions were not limited to just physical shopping, but they also gave birth to a new genre called digital-first consumerism. A new hybrid shopping experience was unlocked for the post-pandemic economy. Vaccines are out now, but that did not stop the growth of digital retailing. Any plans that were in motion pre-Covid are now not valid, and it has become irrelevant and outdated. The new normal is expected to address the problems faced by modern retailers and give them unique opportunities and solutions to adapt. Retailers must understand their customers and then prepare well to meet their demands.