3 Questions to Ask Yourself as the New Normal Takes Hold in Retail The industry has changed in this topsy-turvy year. Leaders need to go back to basics to determine the most suitable strategy going forward.
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Over the past two years, retailers, brand owners, and basically most consumer businesses have set their sights on ecommerce and digital. Adidas reported "exceptional growth in online sales" in Q2 2020 as the company saw sales through its ecommerce channel jump 93 percent. Nike put all its effort into its own retail website after withdrawing from Amazon, resulting in an 80 percent year-over-year increase in its ecommerce sales — and it doubled its market capitalization. New brands, such as Brooklinen, have used the Internet as leverage to jumpstart their businesses.
Countless buzzwords and new ideas are flying around these days. Commercial services have also become crazier than ever. Taking all these into consideration could offer some positive impact on your business. These may even help you improve your performance marketing, grow your number of users, boost your conversion rate, increase your revenue and lower your costs. However, as leaders, we need to go back to the basics and determine the most suitable strategy that would cater to and prioritize the unique demands of our organizations. Here are some questions we may need to clarify first.
Related: Can E-Commerce Save Retail?