Retail Experts Share How Stores And Brands Can Survive The COVID-19 Era
By Vipe Desai
The rules of business are being thrown out the window and we’re are in the midst of the “Great Reset”. What will it take for stores and brands to make it through these uncertain times?
We found this article from Fast Company loaded with insights that the action sports industry should pay attention to and what the future might hold for retail and wholesale business. Below is a highlight from each brand and the link to the article is at the bottom.
"We've accelerated our digital capabilities and focused on what matters most to consumers now"
"Traditional distribution in our industry, products through department stores and specialty stores, is over. And this will be true of many more industries"
"Retailers are going to have to think of that full journey a customer will have through their mobile device"
"15% or so of total retail sales are done online. So, though we talk about how big e-commerce is, it’s still less than a fifth of total retail. COVID is acting as a flywheel to increase the speed of digitalization for retail"
"We’re adapting by producing smaller collections. We are planning to be really focused as a direct-to-consumer brand coming out of this. If wholesale comes back, and they want to participate, great, but it’ll be on different terms"
Fast Company: Five retail experts—from Nike, Athleta, and more—on how stores and brands can survive the COVID-19 era