[ 5:08-7:38 ] What was the key to success in the pandemic?
At the beginning, retail success in the pandemic was all about the kind of inventory you carried. We all remember the toilet paper drought. But after that phase waned, it was all about inventory visibility and omnichannel capabilities. Retailers that had already invested in omnichannel tech to enable BOPIS, BORIS, and so forth came out on top. Forward-thinking retailers that already understood the importance of frictionless check-outs gained another advantage.
[ 13:03-14:27 ] The importance of retail visibility in a pandemic
Inventory visibility has always been important. But during this pandemic, it could make the difference between growth and bankruptcy. Given the number of mobile orders that needed to be fulfilled, retailers needed to know what was available and in what quantities in order to reliably fulfill from store. That seems obvious enough, but very few retailers enjoy the inventory transparency they need.
[ 24:56-26:33 ] Supply and demand challenges of the pandemic
This pandemic has been so challenging, particularly for specialty retailers. At the beginning, supply far outstripped demand. Retailers were forced to close their doors and shift online, even though many were not prepared for it. As certainty slowly returned to the market, people were ready to spend again. Today, with a majority of restrictions eased, people are returning to stores. Yet now retailers face supply and labor shortages. But what is the solution here?
[ 29:18-31:59 ] The balance between privacy and customer service
There is such an importance balance to be struck between privacy and customer service. It's critical to leverage data to enhance the shopping experience. But knowing everything about your customer before they've shared it with you is scary. That's why you need to be selective about the information you select and the way in which you market. Collect key pieces of intent data but make sure your customers know what they're getting into online. Personalization is only a plus when it makes the experience more seamless and comfortable.