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?
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.