The Retail Podcast

Post COVID-19 A New Normal Part 1 of 3 (5 Minute Digest)

April 29, 2020 The Retail Podcast
The Retail Podcast
Post COVID-19 A New Normal Part 1 of 3 (5 Minute Digest)
Chapters
The Retail Podcast
Post COVID-19 A New Normal Part 1 of 3 (5 Minute Digest)
Apr 29, 2020
The Retail Podcast

What is this New Normal in Retail, who does it apply to. What should you be building as the waves of this pandemic sweeps through the economy, do you have the right partners in place for your supply chain or business, will you be able to tap into the new normal and what could be possible areas of focus for growth?

Show Notes Transcript

What is this New Normal in Retail, who does it apply to. What should you be building as the waves of this pandemic sweeps through the economy, do you have the right partners in place for your supply chain or business, will you be able to tap into the new normal and what could be possible areas of focus for growth?

Alex Rezvan Bienert:   0:00
Hello, Bonjour, Hola, Hi, Namaskar, Sveikas and welcome to all our new listeners from India to Lithuania, I hope you are safe and well, where ever you are listening from, and thank you for all of your support in building a global conversation on all things retail.Hello, Bonjour, Hola, Hi, Namaskar, Sveikas and welcome to all our new listeners from India to Lithuania, I hope you are safe and well, where ever you are listening from, and thank you for all of your support in building a global conversation on all things retail.Before we start I have to acknowledge the sensitive nature of what Todays episode, due to the crippling effects, the current coronavirus pandemic is having on the global retail community, from the closure of many famous high street brands to the disastrous impact on jobs and the economy.Before we start I have to acknowledge the sensitive nature of what Todays episode, due to the crippling effects, the current coronavirus pandemic is having on the global retail community, from the closure of many famous high street brands to the disastrous impact on jobs and the economy.But I would like into the new horizon and acknowledge that however challenging the situation gets, it will pass and present many opportunities in the new post lock down world, what is now being called A NEW NORMAL.But I would like into the new horizon and acknowledge that however challenging the situation gets, it will pass and present many opportunities in the new post lock down world, what is now being called A NEW NORMAL.So, what is this New Normal, who does it apply to. What SHOULD YOU BE BUILDING OR DISMANTELING as the waves of this pandemic sweeps through the economy, do you have the right partners in place for your supply chain or business, will you be able to tap into the new normal and what could be possible areas of focus?So, what is this New Normal, who does it apply to. What SHOULD YOU BE BUILDING OR DISMANTELING as the waves of this pandemic sweeps through the economy, do you have the right partners in place for your supply chain or business, will you be able to tap into the new normal and what could be possible areas of focus?Small disclaimer, these are my personal opinions to stimulate conversation and do not represent that of Microsoft.Small disclaimer, these are my personal opinions to stimulate conversation and do not represent that of Microsoft.Well to try and keep things simple, I have broken the New Normal into 3 areas:Well to try and keep things simple, I have broken the New Normal into 3 areas:  1. Verticals Luxury, High Street, Travel and hospitality, these can also be applied to the financial retail sector as well.1. Verticals Luxury, High Street, Travel and hospitality, these can also be applied to the financial retail sector as well.2. The New Standards across all verticals2. The New Standards across all verticals3. New Consumer needs and personas.3. New Consumer needs and personas.Depending on feedback we can also look at brand strategies, but for now we will only focus on the 3 areas.Depending on feedback we can also look at brand strategies, but for now we will only focus on the 3 areas.And if you don’t have time to listen to the podcasts here are some of the high level conclusions:And if you don’t have time to listen to the podcasts here are some of the high level conclusions:The Sub Verticals: The Sub Verticals:  I hope you enjoy these food for thought digests and as always please do drop me a note at alex@theretailpodcast.com or you can find me on Linkedin, twitter or Instagram. I hope you enjoy these food for thought digests and as always please do drop me a note at alex@theretailpodcast.com or you can find me on Linkedin, twitter or Instagram.       It will be difficult to find a sub category that will not be impacted or redefined by The New Normal, however there will be major trends in Luxury, Travel, Hospitality, Grocery and the High street that will ripple through the entire retail eco system, including the supply chain and how new partnerships will be defined.It will be difficult to find a sub category that will not be impacted or redefined by The New Normal, however there will be major trends in Luxury, Travel, Hospitality, Grocery and the High street that will ripple through the entire retail eco system, including the supply chain and how new partnerships will be defined.Luxury has always tried to lead the way in experiential retail, with major investments in the transformation of high street flagship stores, including high instore associate to customer ratios and constant and evolving marketing. However, in our New Normal. Luxury will need to grow, mature and truly step into this new decade with more physical to digital connections and an authentic demonstration of their impact on the environmental eco system and supply chain. Luxury has always tried to lead the way in experiential retail, with major investments in the transformation of high street flagship stores, including high instore associate to customer ratios and constant and evolving marketing. However, in our New Normal. Luxury will need to grow, mature and truly step into this new decade with more physical to digital connections and an authentic demonstration of their impact on the environmental eco system and supply chain. Consumers will want luxury to entail more sustainable and Circular elements, Luxury will do well on the bounce back from consumers only if they are able to stand out from old world, consumers will expect authentic lifetime pieces of luxury, that do not have a hidden impact on the environment, however this trend will also ripple through the high street.