Three Keys to Mitigating Retail Uncertainties with Art and Science

Three Keys to Mitigating Retail Uncertainties with Art and Science

Doing the same thing but expecting a different result.

Now that the pandemic has reached a “stabilization” phase, retailers are trying to understand the impacts on channel sales, and inventory, as well as the retail supply chain in its current state and for the future. The definition of insanity has never been more important for retailers to avoid.

Consumers are still facing uncharted territory as much as retailers. The desire to spend is suppressed by job instability, rising inflation, and uncertainty for the future. For most retailers, while data has been captured for this environment, there remains highly questionable chance of getting forecasts right for the future without changing something.

The race for retailers to deploy omnichannel order management capabilities like buy-online-pickup-in-store (BOPIS) and buy-online-return-in-store (BORIS) has shifted to capturing and using consumer demand information in the most effective way. Despite the growing use of online commerce, business is still primarily done facing customers in the stores. Providing a safe, efficient, and reliable shopping experience has become a priority for retailers.

The way you respond in these unthinkable times will surely determine the future of your business, your employees, and your financial recovery. The idea of fundamental business transformation is both exciting and causes significant trepidation.

Retailers’ typical approach, whether using newer technology like artificial intelligence, advanced analytics, or other sophisticated software, will be more successful “blending art with science.” Here are three keys to successfully approaching your transformation:

  1. Use your people.

Given continuous, unprecedented disruptions, retail leadership’s call to action has never been louder. Employees who weathered the COVID-19 pandemic with you are extremely loyal and want to be a part of the solution. Additionally, your employees drive a substantial portion of the “art” in this equation. The knowledge they have of your bus