Forbes: 2021 Is A Year Of Opportunity In Retailing

New restrictions imposed by governors throughout the United States, because of the recent resurgence of the coronavirus, makes the present holiday selling period very uncertain. Store managements do not know how many store units will actually be able to serve customers. For retailers hoping to salvage this year, much depends on how fast digital sales orders will be fulfilled.

However, looking to 2021, our outlook is bolstered by the development of a vaccine that will become available for most Americans. We all hope it will contain the virus and enable more businesses to open up again. My hopes are that the next year will be a development year for retail in which a new normal will be adopted.

The new normal will be based on accommodating a lifestyle we have all developed during the pandemic caused by COVID-19. We all have learned to live in isolation, make decisions for the future based on our present experiences, and limit our needs to immediate wants.

ife has changed forever. Consumers now behave differently; they have become flexible – altering shopping routines when that can satisfy their needs and wants most easily. In response, retailers like Target, Kohl’s, Ulta Beauty and others have already initiated progressive moves to align with customer expectations and establish themselves as industry leaders. I also continue to believe that companies like Costco, TJX Companies, and Home Depot remain solid investment companies with additional growth ahead. They have shown leadership, and the ability to adapt, in this stressful period.

Leadership

Shah Karim, CEO of SafeRock, recently spoke about the need for leaders to be understanding and supportive of their teams. They should encourage collaboration and thoughtful risk taking, provide support, and celebrate their success. In this pandemic era, if management wants greater clarity driving its vision and to look around the corner to find a win in every market, it will need strong leadership that rallies the entire organization.

Karim goes on to suggest a digital transformation is what is needed for the post-pandemic period. He believes that the best way to accomplish is for companies to undertake small pilots to measure return of investment (ROI) for a specific area. By bringing small teams together to test concepts, you sometimes can deliver greater value to an entire enterprise and incur reduced risk.

A digital transformation is already going on. Retailers are embracing new operating models to succeed in the future. Now is the time for testing ideas that keep brands aligned with the new norm consumers are creating. The future of retailing is challenging but bright.

The full article written by Forbes Senior Contributor Walter Loeb can be found here.