Retail and its supporting tech landscape have undergone a massive transformation over the past decade, which was only accelerated by the recent pandemic. What sets leading retailers apart is their adoption of modern technology across the entire business. In this post, we talk about the key differentiators of modern commerce technology and the combination of solutions that make up the tech stack used by the industry's most innovative, high-growth retailers.
Looking back at our Post-Covid predictions and the strategies we’ve observed from our customers, we believe retailers, and more specifically, merchandising organizations, should focus on these five actions to build more resilience and emerge as leaders in the next-generation of retail.
Organizations will need to break old paradigms to make way for a new wave of workforce transformation. In order to survive, retailers will need to figure out a way to do more with less, remotely. Winning companies will look to technology to support better information sharing and collaboration among remote teams and automate wherever they can to maintain productivity with a leaner workforce.
Distribution strategies will remain in flux for the months and years to come, but when the dust settles, brands will have more control over distribution channels and points of sale will proliferate. Wholesale will morph into new formats such as leased spaces and online marketplaces, which will allow brands to get closer to their customers.
After the pandemic, supply chains will not only be optimized for cost, but also stability, flexibility and speed. Retailers will prioritize having a diversified production network, reduced inventory levels and more redundant fulfillment mechanisms.
Post Covid-19, the winning brands and retailers will break out of the vicious markdown cycle with a larger base of timeless products complemented with smaller, carefully planned and timely introduced collections.
Toolio’s first prediction about the retail landscape post Covid-19 looks at the increasingly complex planning environment retailers will face and explains why they will need to embrace technology to manage this.