Today is the launch of Retail 100 2020, the definitive ranking of the retail leaders who have prioritised people and purpose, those who have innovated, collaborated and operated with agility to meet unprecedented challenges.
To say the retail industry has experienced challenging times is an understatement.
Over the past few months we’ve faced unprecedented changes in both e-commerce and the retail industry. Businesses have needed to adapt at warp speed while navigating seismic shifts in supply and demand and as well as continuing to provide the customer service standard their customers expect.
We often talk about transformation in the retail sector, yet for many businesses the past couple of months have contributed more to digital transformation than the past few years combined.
Consumers are spending more time online than ever before; our research shows that 48% of consumers are shopping online more than they did pre-pandemic. Retail leaders need to make sure their businesses are front of mind, regardless of what channel consumers engage on.
Reputation over the coming months will be defined by communication with both customers and potential customers. As the uncertainty continues, with no end yet in sight, the focus should be on sensitivity, empathy, consistency and transparency across all channels to maintain trust. Consumer opinions formed during this unprecedented time will shape shopping behaviour for years to come.
As the impact of the pandemic continues to unfold, it’s the businesses that embody a digital-first mindset that will weather the storm. The retail industry is transforming and now is the time to act.
It’s encouraging to see so many marketplace leaders celebrated for their contribution to the industry. From Claire Davenport, Chief Executive, Notonthehighstreet.com to Maria Raga Chief Executive, Depop; alongside powerhouses like Rob Hattrell UK Vice-President, eBay and Doug Gurr UK Country Manager, Amazon.
This year’s Retail 100 have led their organisations through a period like no other – demonstrating vision, agility and resilience as well as empathy and understanding.
Download the full Retail 100 List from the Retail Week website for analysis and insight into the UK’s top movers and shakers.
