We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
The Tycoon Herald
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Reading: How The Pandemic Is Reinventing The Business Of Retail
Sign In
The Tycoon HeraldThe Tycoon Herald
Font ResizerAa
Search
  • Trending
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Money
    • Crypto / NFT
  • Innovation
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Leadership
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© Tycoon Herald. All Rights Reserved.
How The Pandemic Is Reinventing The Business Of Retail
The Tycoon Herald > Business > How The Pandemic Is Reinventing The Business Of Retail
BusinessMoney

How The Pandemic Is Reinventing The Business Of Retail

Tycoon Herald
By Tycoon Herald 5 Min Read Published December 31, 2021
Share
SHARE

Businesswoman working with digital tablet in large futuristic factory. Woman standing on top of a … [+] balcony, holding touchpad and checking inventory of a manufacturing company on touchscreen tablet.

getty

Year three of the COVID-19 pandemic begins with the retail industry battle-weary but having weathered and, in some cases, even capitalized on an epic worst-case management crisis. The good news is that the retail apocalypse of 2020, having cleared the field of weak competitors, spurred surviving brands and companies to rethink and reinvent how they do business.

We know what doesn’t work. Now what?

A key concept that will shape the future of the industry is collaboration, both within enterprises as well as between retailers and their sources, their partners, and their customers. This is new, a seminal change from the way the industry has operated for a century.

My first introduction to the dysfunctional aspects of retailing was in the early years of my career, when I worked for a supply chain technology company. We focused on logistics, product and demand forecasting, managing just-in-time inventory, and so on.

Forecasting in retail is tricky, especially in apparel where collections have been known to be dead on arrival because consumer tastes shifted after orders were placed. It became clear to me then that the problem is the way retailers have always been managed, in silos.

Manufacturing, logistics, merchandising, sales — each department of the companies we often worked with had its own data, its own spreadsheets, and its own forecasts. They often didn’t agree and that’s where problems would inevitably begin. Each department had its own version of the truth and, as the saying goes, we’re all entitled to our own opinions, but not our own facts.

MORE FOR YOU

We helped client companies break down the barriers, applying new technology and enabling a collaborative work environment.

The result was a “single version of the truth” of a forecast, which led to a reduction in error rates.

In the wake of Covid-19, the goal today is enterprise-wide seamlessness, and making sure the customer experience is as frictionless as possible. The future of retail begins with the sort of data mining of customers and transactions that made Amazon the monolith it became. 

For example, Ian Wilson, CEO of UK chain Hotter Shoes, explained in a recent interview how the direct-to-consumer company has been analyzing its database of 4.6 million people who’ve bought its products. At the start, the base was predominantly 55-plus and the average age had been 73, a potentially challenging demographic for future growth.  

“2020 was a year of survival for us,” said Wilson. “The pandemic gave us a license to try new things. We’re looking at how we can utilize that database to sell them other products outside of shoes.” 

The company has been focusing on recruiting younger customers and has gotten the average age down to 63. Hotter has also been using its customer database to test new shoe styles and even fabrication changes to popular items.

It is this collaborative and connected model of looking at a company challenge and finding a “single version of the truth” (a.k.a. “single view of the customer”) to agree upon that leads the way to solving the problem.

In the most dramatic way possible, the pandemic has been what Austrian economist Joseph Schumpeter meant in 1942 when he coined the expression “creative destruction” to explain why innovation follows economic catastrophes. The theme in the retail industry for 2022 will be widespread innovation, less waste, and more sustainable enterprises. Wising us all the best for 2022 and beyond.

You Might Also Like

Russia for Business: Experts Who Help Drive Decisions

The Quiet Shift in America’s Workforce: Why Side Hustles Are Becoming Essential for Women Over 40

Residing Paycheck to Paycheck: 9 Genius Methods To Cease It Ceaselessly – Dollarsanity

10 Tricks to Reside Frugally After Retirement – Dollarsanity

Tips on how to Price range Your Money Utilizing Dave Ramsey’s Budgeting Percentages – Dollarsanity

TAGGED:Real EstateThe Forbes Journal
Share This Article
Facebook Twitter Email Copy Link Print
Bruno Fernandes: Man Utd captain considered one of 4 gamers to overlook coaching forward of Liverpool – Paper Discuss
Sports

Bruno Fernandes: Man Utd captain considered one of 4 gamers to overlook coaching forward of Liverpool – Paper Discuss

The highest tales and soccer switch rumours from Friday's newspapers...PREMIER LEAGUE Bruno Fernandes is considered one of 4 Manchester United gamers to have missed coaching forward of this weekend's journey…

By Tycoon Herald 5 Min Read
Kroy Biermann Rips Kim Zolciak for Blabbing About Divorce, Says It Hurts Youngsters
October 16, 2025
Lewis Hamilton says Christian Horner hypothesis linking ex-Purple Bull chief to Ferrari ‘distracting’ for F1 workforce
October 16, 2025
KISS Guitarist Ace Frehley On Life Help With Mind Bleed
October 16, 2025
Steve McNamara joins Warrington Wolves as former England coach makes Tremendous League return
October 16, 2025

You Might Also Like

Joseph Safina’s Driven Becomes Amazon Bestseller, Blending High Finance with High Speeds
BusinessTrending

Joseph Safina’s Driven Becomes Amazon Bestseller, Blending High Finance with High Speeds

By Tycoon Herald 6 Min Read
How To Make A Funds: 12 Simple Methods To Do It (The Full Information) – Dollarsanity
Money

How To Make A Funds: 12 Simple Methods To Do It (The Full Information) – Dollarsanity

By Tycoon Herald 60 Min Read
10 Outdated-Normal Cleansing Suggestions from Grandma – Dollarsanity
Money

10 Outdated-Normal Cleansing Suggestions from Grandma – Dollarsanity

By Tycoon Herald 21 Min Read

More Popular from Tycoon Herald

MEET THE FATHER OF COADUNATE ECONOMIC MODEL
BusinessTrending

MEET THE FATHER OF COADUNATE ECONOMIC MODEL

By Tycoon Herald 2 Min Read
Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

Woman Sentenced to 7 Days in Jail for Walking in Yellowstone’s Thermal Area

By Tycoon Herald
Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments
InnovationTrending

Empowering Fintech Innovation: Swiss Options Partners with Stripe to Transform Digital Payments

By Tycoon Herald 7 Min Read
Economy

Britain to hitch Pacific commerce bloc on Sunday

Unlock the Editor’s Digest without spending a dimeRoula Khalaf, Editor of the FT, selects her favorite…

By Tycoon Herald
Fashion

5 Finest Waterproof Beard Trimmers – Moist/Dry Shaving In 2024 | FashionBeans

Whatever the purpose you’ve discovered your self right here seeking the very best waterproof beard trimmer…

By Tycoon Herald
Trending

U.S. Blew Up a C.I.A. Post Used to Evacuate At-Risk Afghans

A controlled detonation by American forces that was heard throughout Kabul has destroyed Eagle Base, the…

By Tycoon Herald
Leadership

Northern Lights: 17 Best Places To See Them In 2021

Who doesn’t dream of seeing the northern lights? According to a new survey conducted by Hilton, 59% of Americans…

By Tycoon Herald
Real Estate

Exploring Bigfork, Montana: A Little Town On A Big Pond

Bigfork, Montana, offers picturesque paradise in the northern wilderness. National Parks Realty With the melting of…

By Tycoon Herald
Leadership

Leaders Need To Know Character Could Be Vital For Corporate Culture

Disney's unique culture encourages young employees to turn up for work with smiles on their faces.…

By Tycoon Herald
The Tycoon Herald

Tycoon Herald: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Terms of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© Tycoon Herald. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?