In a recent McKinsey report, exploring the breadth of change and risk throughout the modern retail industry, it stated that technology is likely to be a factor in helping stores double profitability.

McKinsey Diagram

Of course, a lot has happened since the beginning of the year with the COVID-19 crisis. Retailers will need to feel their way, as they learn about consumer behaviour in the next phase of the crisis. This will need agility, clear messaging and a team that feel safe and supported to make their customers feel the same way.

Retailers aren’t just opening their front doors, they are thinking about whether their business model and proposition is still valid; if their customers still consider them relevant; and if they have the resources and technology at hand to recover and accept the environment in which they now find themselves in.

Consumers are increasingly selecting to shop from the comfort of their own couch, rather than travelling to the nearest shopping centre. E-Commerce has accounted for significant growth in UK sales, and Click & Collect is more popular than ever.

Retailers need to quickly adapt to their new reality and understand how to support their customers, especially now, in light of the sharp acceleration in consumer adoption of digital over the lockdown period. There is a need to accelerate all omnichannel propositions to ensure that they have a successful second half of 2020.

HSO, a leading and award-winning Microsoft Dynamics solution integrator, with many prestigious customers in the retail industry, has launched a new video series called “Retail Recovery – Helping Retailers to Fight Back”

This series investigates 6 key areas that can be enhanced using innovative technology, enabling retailers to succeed in the current situation.

6 key areas for retail success

HSO Retail Recovery themes

For more information, watch our Retail Recovery series – Using Technology to Fight Back.