With aspects of the retail sector having been turned upside down by lockdown restrictions, supply chain disruptions, shortage of materials, crime, technology and shifting customer mindset and values, retailers need to take stock to forge ahead. Here’s how.
Retail businesses currently find themselves in a perfect storm that allows them to re-imagine and recalibrate how they will move forward during these uncertain times, keeping in mind that the world they once operated in has drastically changed, says South Africa’s leading trend analyst Dion Chang of Flux Trends.
Chang says while the retail sector has faced numerous challenges over the past two years, the time is ripe for retailers to harness trends and apply them to their unique retail context. “The Covid-19 pandemic has resulted in many consumers redefining their wants and needs. While they were in lockdown, the were forced to slow down and take stock of their lives.
“This, in combination with technological advances, has affected many aspects of retail, from food choices to shopping preferences and payment methods. The pandemic will continue to face new waves, and while its future is uncertain, increasing vaccination rates around the world and immunity from past infection have resulted in the easing of restrictions.”
CONNECTING WITH CUSTOMERS
Chang says people have become more mobile and are therefor seeking out more human connection. In a new report on the post-pandemic retail landscape – which he will unpack at two “Trends as Business Strategy” salons in Johannesburg and Cape Town – he analyses the challenges, opportunities and new developments within the retail industry and looks at:
- Connecting retailers and other businesses to what they need to do or change to cater to their existing and potential customers;
- Exploring the value of experience over ownership within the retail industry;
- Closely examining the knock-on effect of shifting customer mindsets and values and the impact of this shift on day-to-day business;
- The pros and cons of virtual commerce;
- Exploring ways that companies and entrepreneurs can be a force for the greater good.
“Retailers, property managers, letting agents, mall managers, marketers, advertisers, restaurateurs, construction companies – in fact, the entire retail-wholesale supply chain – need to be aware of trends and how to use them to their advantage,” he says.
Companies that have been forced to find new ways to navigate a decimated post-pandemic retail business landscape also need to prepare for the road ahead.
This salon will highlight the trends driving the post-pandemic retail landscape and what businesses could and should do to ensure a sustainable future. The key findings of the report will also be published by the CCID in its upcoming economic publication State of Cape Town Central City 2021 – A year in review.
Presented by Dion Chang, and facilitated by Tumelo Mojapelo, the salon takes place in Cape Town (https://bit.ly/3ORK6VT) on 7 July 2022 or in Johannesburg (https://bit.ly/3nwyv2c) on 14 July 2022. For more information contact info@fluxtrends.co.za.