078: Reviewing Retail in 2020 Predictions

So far, 2020 has been off-plan and unpredictable. So, in this episode of the Retail Transformation Show podcast, Oliver Banks revisits the 6 predictions that were originally made and highlights 6 new themes to forecast the rest of 2020 in the wake of the coronavirus / Covid-19 pandemic. Discover which elements of retail transformation, if any, are relevant in the new normal that we find ourselves in.

Listen in now and hear:

• If it’s worth making predictions anymore.
• What 6 key themes are facing us now.
• Why you must stay nimble and agile.
• And much more on what’s in store for retail and retailers.

 

 

6 themes for retail in 2020 (original)

Back on 30th December 2019, episode 62 of the Retail Transformation Show launched. In that episode, you heard a series of predictions and themes that were going to be important over the coming year.

Things have been hectic since then. With Australian bushfires, Brexit and now the coronavirus – it seems retail around the world has been bombarded with challenges.

The 6 original themes for retail in 2020 were:

1. Cost saving
2. Sustainability
3. Vegan movement
4. Retailers promoting their purpose
5. In store services
6. Social media making shopping easier

Listen to the original predictions and themes in episode 62: Retail Trends For 2020.

6 themes for retail in 2020 (revised)

Given the world has been turned upside down, it is a useful time to take another look at what 2020 holds for retail. The 6 new themes are:

1. Caring for your colleagues and customers – especially with mental health
2. Increasing online market share
3. Impacts across the value chain
4. More mergers and acquisitons
5. Greater scrutiny on spend and cost management
6. Staying nimble and agile

If you want to stay up to speed with the world of retail transformation then you should sign up for the weekly Retail Transformation Briefing. This comes out every Tuesday and is completely free, including the big headlines and curated content and insight just for you. Sign up below.

Further reading and listening

Nelson Blackley’s article – including some incredible and scary statistics. Especially around the rentals paid for Q2 rents. These stats were obviously correct at the time of writing and don’t necessarily show the current payment status.

You may also enjoy episode 16: How Amazon Are Transforming Retail (part 1) and episode 17: Beyond The Age Of Amazon (part 2), featuring Natalie Berg and Miya Knights.

In this challenging time, if you want to build your inner resilience, then do go back a few episodes and listen to the brilliant interview with Steph Tranter. That was in episode 57: Building Your Emotional Resilience (part 1) and episode 58: (part 2).