Retailers Must Find New Ways to Woo Their Customers in the New Normal
The pandemic forced the massive shuttering of stores across the US and UK in 2020. The trend continued in 2021 with analysts predicting a 14% increase in the rate of retail store closures. However, buoyed by vaccination programs and fiscal incentives, customers are eager to spend, heralding a slow but sure economic recovery.
The retail industry in the new normal is confronted by many challenges and demands several pathbreaking innovations, new business models, and technological advances. In this article published on CIO, experts from Infosys and AWS share their views on five key trends that are transforming the retail industry including Phygital store formats, Immersive Customer Experiences, Subscription-Based Business Models, Supply Chain Agility, and Cybersecurity.
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- Allison Ortiz, WW Partner Development Manager, Consumer, Retail, Logistics at AWS
- Ezhil Mani, AVP, Consumer, Retail and Logistics, Infosys