Trends in retail sector for 2021
December 22, 2020
2020 has been unexpected for retailers, with some of the highest highs one of the leading e-commerce giants recorded an 800% increase in their revenues to the lowest lows another saw foot traffic drop 98%. This year has shown a positive impact with an increase in demand for digital and negative business crushing impact as well.
The common train of thought is that consumer’s digital acceptance has leapt several years ahead of projections. Consumer behaviour change caused by coronavirus pandemic is real & sustained, and soon there may be snap back to previous behaviour post-pandemic, it will be limited but still, it will leave us more than three years beyond the baseline.
The acceleration of digital acceptance generated a significant increase in revenues in e-commerce, while mid and small businesses were on the losing side. With the new baseline, it is compulsory for retailers to work with urgency and speed to expand their digital presence.