A look at the top 5 predictions for retail and ecommerce companies in the coming year
McKinsey refers to the Covid-induced shift to digital as a “decade in days.” Overnight, we started ordering groceries instead of going to the store; having telemedicine appointments instead of going to the doctor; and working out in our living rooms instead of going to the gym. While the digital shift has been happening for years, this acceleration is like nothing we’ve ever seen before. Even with a vaccine rolling out, the shift we saw in consumer preferences and behavior will be longstanding. To effectively compete, capture loyalty and grow revenue, retailers will have to adapt to a few key trends in 2021.
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