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THE WEEK IN RETAIL ISSUE 10
EDITOR’S COMMENT
WHAT HAVE WE LEARNED FROM THE CRISIS?
Coronavirus has been an almighty omnishambles that has probably changed the world forever. That’s something we can probably all agree on. The rarely spoken fact remains, however, that it has had an undeniably positive impact on the local retailing sector across the UK. That’s nothing to be ashamed of. The sector has been given the opportunity to demonstrate its true worth to communities across the country and has passed that test with flying colours. Bar a few morally questionable individuals, it seems that the vast majority of retailers have avoided the temptation to price hike and exploit this opportunity - so our sector can hold its head high.
What’s even more encouraging is the amount of data suggesting that consumers won’t be rushing back to their old ways any time soon. They appreciate that their local independent has been there for them when times were tough and we have earned some respect and some loyalty. We’ve been forced to evolve and adapt quickly to the new world order and we’ve largely succeeded in doing so. But what have we really learned from the last few months that we can use to our advantage for months and maybe even years to come?
For me, there are three key opportunities: home delivery, digital & data, and customer service. The value of the latter was never in doubt, but Covid-19 has hammered home just how important great customer service can be, as well as forcing us to ask ourselves what great customer service actually means. The other two opportunities, however, have essentially been forced upon us – but they are game changers.
Home delivery will prove to be the biggest fundamental shift in the standard convenience retailing model that we’ve seen in a generation. Digital & data will take a little longer to embed itself fully into convenience, but it’s coming – of that there is no doubt.
By embracing these opportunities, retailers have all the tools they need to stand their ground when the inevitable price war breaks out between the supermarkets in the near future. But the time to embrace them is now.
