In this webinar we are going to explore the top 10 Challenges facing the Retail Industry as a result of Corona Virus, as well as explore a response strategy.
Top 10 Challenges facing the Retail Industry
- Panic buying ~ supply chain problems
- Cash-flow / revolving credit / liquidity
- Brick & Mortar forced closures
- Static Inventory on shelves
- Fixed Costs like Leases and obligations
- Labour Costs ~ WFH / Stood-down employees
- Death by Product Category
- Supply Chain availability and responsiveness
- Consideration increase due to job loss fear
- Case Risk for Employees
Covid-19 Response Strategy:
- Communicate - to Customers, Staff, Suppliers and the Government.
- Seek Aid - from Government, Banks and Non-Profit Organisations.
- Reduce Costs - brick & mortar, fixed, non-essential expenses and labour costs.
- Increase Sales - eCommerce, Marketplaces, sell relevant products, and build 1:1 customer journeys.
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