Highlights
The retail industry faces substantial shifts: the amount of growth in retail sales had already dropped between 2019 and 2020, even before the outbreak of the virus, which is certain to have further ramifications. Now after the outbreak, most consumers are wary of going to malls/retail locations.
While stores were once the primary focus, brands are shifting attention to how stores can support sales that start digitally, putting brands with more mature omnichannel strategies at an advantage. As e-commerce mitigated the impact of the Covid-19 pandemic, web and social buying experiences have become the ground of fierce competition for brands.