More than any time this century, 2020 highlighted that FMCG retailers are almost never in charge anymore. From consumers to catastrophes, retailers need to lay the foundations for agility, customization, and scale in order to thrive in 2021 and beyond.
It’s easy to see how retail -- especially grocery retail -- has been among the most impacted industries in 2020. Sudden shifts in buyer behaviors brought on by necessary shifts in our daily lives, exposed the need for levels of efficiency and agility, while accelerating the pace of change and disruption that was already well underway.
Those retailers who were prepared – both in terms of processes and technology enablers - to adopt an agile approach, were able to better understand, respond to, and in some cases, actually capitalize on rapidly changing consumer behaviors.
But change in the 21st century has been a persistent nuisance for retail – will retailers now finally invest to protect themselves from future disruption? While it’s vital to ensure that businesses remain strong operators day-to-day, the most successful retailers will take this opportunity as the wake-up call needed to prepare for the nearly guaranteed future disruptions – no matter when they may occur.
Let’s explore some of these retail disruptions and the ways retailers can move beyond simply survival mode by using AI to invest in the future of their stores, their operations, and their consumer that will empower them to thrive for decades to come.
