Release date: 30-09-2020SKU: MSG-GL-COVID19-012
MSG explores the top risks and opportunities impacting the consumer & retail sector, owing to the prevalence of COVID-19.
Many countries are under lockdown and quarantine. Also, consumers started shun human contact; retailers are scrambling to adapt. These retailers already recognize the global consumer response to this novel COVID-19 virus will substantially impact their operations. In the consumer & retail sector, the scenarios change rapidly and daily, making a quick response to this pandemic.
Over the past few situations, MSG’s consultants are continuously talking with the retail sector clients about how pandemic has been impacted their business. More importantly, we have been assisting them in strategies their business in this pandemic and prepare for the long-term implications and remediate shorter-term shocks.
Continuation of the COVID-19 pandemic has substantially impacted product demand, consumer behavior, retail store, factory, and logistics services availability. It is already estimated that the market growth for global retail in 2020 will be halved from pre-COVID-19 forecasts, but overall impacts are bumpy. Furniture, fashion, and electronics retailers will be hit hardest as consumers decline discretionary purchases in favor of stocking up on food and household goods.
The retail sector is expected to witness high investments from manufacturers and distributors to continue digital transformation efforts. Retailers may reduce expenses related to store openings to reserve cash for technology advancement. The industry players need to have the ability to adapt quickly to the workforce, product, partner, and operations needs will minimize the loss during the COVID-19 crisis. The crucial technology that is expected to witness high demand include –
• Commerce and self-serve technologies
• Distributed order management
• Supply chain collaboration and automation
• AI-enabled personalized marketing
• Content management
• Cloud-based hiring and workforce enablement
• Network infrastructure, edge, and IoT for stores
• Contactless payments
To read more about how we believe the consumer & retail sector can manage the current pandemic scenarios, inqure about our report.
Key Issues Addressed
Considering the COVID-19 impact on the consumer & retail industry is carried out through various lenses, and many critical issues identified in the COVID-19 impact strategic insight report include:
• Specific key trends have begun to accelerate due to the crisis, reshaping both demand and supply across industries
• Other trends that probably decelerate or halt due to the COVID crisis
• Trends that are essential before the pandemic and post-pandemic directions to shape the industry
• Key uncertainties and challenges that should be considered in strategy and business planning
• Detailed consideration of scenarios that compare the reach of the pandemic versus the industry impact arising from changes in end-consumer behavior
• A set of both recovery and thrive oriented actions for market participants and players
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