In today’s InternetRetailing we’re reporting as retailers emerge from the Covid-19 lockdown with strategies aimed at doing business differently from now on. This is going to be a challenge for many retailers – so how are leading retailers approaching this challenge? The answers vary, from putting the emphasis on sustainability to focusing anew on digital at a time when the limitations of trading mostly from stores have become more apparent.
For Ikea, it’s about embracing the circular economy with an ambition to make its products mostly from new and recycled materials by by 2030. The homewares giant has already made some progress in this area but it now plans to redouble its efforts through a strategic partnership with the Ellen MacArthur Trust.
Ted Baker is putting digital first as it aims to restore profitability to its business and at a time when the balance of retail is shifting further from stores to online. Even before Covid-19 the retailer was seeing that customers were less willing to spend, either in store or online, but since the pandemic the retailer has seen online sales climb strongly while its stores in the UK remain closed.
Card Factory is looking to innovate through taking a multichannel approach to retail that will encourage its customers to visit stores less often – but spend more when they do. It’s easy to see how an approach aimed at a stocking up on a range of products, rather than buying one card at a time, could well benefit the business.
Primark is planning its UK store openings – and appears upbeat as it looks to its experience elsewhere in the US and Europe. It says that only its busiest stores are likely to be affected as a result of new social distancing measures, and that it’s seen business picking up in those stores that are already open elsewhere in Europe. And we report as Hush launches a new mobile-first website and adds new international capabilities as a statement of intent.
In today’s guest comment, Guy Elliott of Publicis Sapient argues that the new normal brings opportunities for retailers who can adapt fast to new consumer behaviours.