It’s interesting isn’t it, how a single industry, like retail, can be simultaneously faced with two completely opposing challenges? On one side of the spectrum, the typical grocers are having to tackle rapid spikes in bulk buying alongside big-spending seasons, which results in supply chain and stock issues…
One of the biggest economic consequences of the coronavirus pandemic is the exceptionally high increase in unemployment, which due to a combination of business closures and cutbacks, is set to rise to 2.6 million by mid-2021. Sadly, the vulnerability of those with less available income can often result in crime spikes, and subsequently have a direct impact on theft levels within stores. There has been a 66.7% increase in shrinkage-related theft which correlates with the rise of unemployment in the UK. With this mind, retailers will have to adapt and protect against this spike in theft.
The global pandemic has reshaped our nation by fast-forwarding digital transformation. To survive the waves of uncertainty businesses are left to re-engineer digital strategies to support sustainability and change. The biggest change for many has been adopting remote working as a norm, and technology is what made this possible.
Put yourself in the shoes of a customer; you go to a reliable store for a product that you really want, but it isn’t there! Immediate reaction? Go elsewhere. Stock shortages in supermarkets usually leave shoppers feeling frustrated and wondering as to why the goods aren’t available, resulting in the loss of business, which often goes to competitors.