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How Retailers Can Adapt to Survive

In the News

Total Retail – by Daniel Smythe

How Retailers Can Adapt to Survive

Although retail was already shifting toward integrated physical and digital experiences, the pandemic accelerated the trend, disrupting incumbent business models. Moreover, agile competitors further widened these gaps in the traditional retail landscape, carving out profitable niches for themselves. Retail has changed drastically, and if organizations are to survive in this alien environment, they'll need to evolve internally to provide seamless customer experiences. Omnichannel retailers must become decathletes, able to compete in multiple events.

Current Challenges and Omnichannel Vision

The retailers of yesteryear would be shocked to see the ecosystem today. Many major brands have gone extinct, while others have adapted to overcome the most common challenges. These hurdles, which future retailers must overcome, can be categorized into customer, business and technology issues. Mounting customer expectations and demands for tailored and personalized experiences have stretched companies to their service limits as they try to promote health and sustainability and rapidly digitize processes.

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