Retail Playbook 4: COVID-19 Forces a Fundamental Recalibration

Online shirt sales are sky-rocketing and pant sales continue to plummet as people realize that what they wear on ZOOM only matters above the table. This new reality is a signal of how consumers are torn between two worlds.

Shoppers’ values have completely changed as a result of the pandemic and forced the retail industry and its brands to put the consumer at the core of its strategy more than ever before. If businesses thought that it took a long time for Blockbuster to finally close and don’t want to be next, they should be very careful to heed the warning signs about what the future holds as consumers shift quickly to new lifestyles. The proof of that is in the data – the following insights are amassed from Nielsen, IHL, NPD, Kearney, Edge by Ascential, and BrandEquity.

 

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