The worldwide Covid-19 pandemic hasn’t spared any sector of the economy over the past couple of years, and the retail industry is certainly no exception. In a world where regional lockdowns and restrictions can dramatically curtail the in-store experience, and where online competitors can quickly step in to fill the void, many retailers are transitioning to hybrid online-offline models.
We’re clearly in the early stages of a worldwide retail renaissance, and consumer behavior is changing.
Over the past few years, we’ve had the chance to work with many prominent international retailers to help them absorb recent shocks to the economy and wild fluctuations in consumer demand in their local and global markets. It’s when things are in flux that data-driven market forecasting earns its stripes. With our help, our clients were able to quickly recalibrate their predictive models when in-store foot traffic dropped to zero due to the pandemic, and when it came back unevenly around the world. They managed uncertainty much better than the competition, and were able to bounce back faster too.
We developed best-practices along the way and are thrilled to be sharing them with you in this whitepaper. The recommendations in this paper are based on hands-on experience over the past three years with dozens of retailers around the world.