Retail is once more in a state of flux. The pandemic led to huge shifts in consumer behaviour in 2020 and this is set to continue into 2021. In the US alone 11,000 stores closed and 40 major retailers went bankrupt last year. Online spending also reached new heights accounting for 27.3% of global overall retail sales, growing by a third over the course of the year.
Retailers need to adapt to a future where digitally facilitated shopping trips are the norm.
Create Tomorrow, The WGSN Podcast