The Good, Bad and Ugly for Consumer Retail in 2021
Source: risnews.com | April 26, 2021
Retailers, consumer goods manufacturers, and delivery companies have been upended by the Covid-19 lockdown.
Andrew Hogenson, global managing partner, consumer goods, retail and logistics, Infosys Consulting, and Ezhil Mani, associate VP, consumer, retail and logistics, Infosys, discuss in RIS News how the pandemic has changed the retail landscape.
The pandemic has altered consumer behavior, with e-commerce emerging as a go-to for shopping. Retailers responded with fast and easy delivery processes.
Brick-and-mortar retailers have struggled in the backdrop of a growth in online shopping. Black Friday saw a 52% decline in store footfall in 2020. Stores are closing and retail chains are going bankrupt.
Consumer goods manufacturers, retailers, and logistics companies are trying to adjust to the new normal of e-commerce. But they will need to make fundamental structural changes to manage the exponential growth in e-commerce volume. Managing returns is also a challenge, so processes need to be streamlined.
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