What will the New Normal be?
Whilst many sectors are likely to need unspecified radical changes to a number of their previous activities, it feels undeniably true that digital will sit even closer to the heart of how businesses and brands need to connect with their consumers. 50-60% online sales could well be the New Normal for many that previously aspired to 10%.
The scale of this step-change challenges us all, and for many, this is way beyond the standard iteration and improvement of existing thinking. The timings remain uncertain, however, it is critical that to operate effectively in the new world businesses will require an ability to look at their businesses from a completely fresh angle.
In the next post, we’ll raise some of the key issues that Prospero believes will need very careful thought to navigate through the new future successfully.
In the New Normal, Retailers and Brands will need a different cost base, some smart, agile thinking and a relentless focus on customer
We believe that you will need: –
- A different model with a much lower cost base –
- Agility and real flexibility in both your workforce and your planning –
- To drive online adoption hard and turbo boost social and organic routes to your brand –
- Constantly reappraise your digital health and maturity to ensure you are as good as you can be –
- Customer-centricity, data management and insight specialisms to understand what drives your business and make customer-driven decisions –
- To do the basics really well – so they become your real competence (i.e. avoid tempting tech that you cannot fully utilise!).
The core Prospero offer remains the ability to quickly identify performance challenges, and sort them out, with experts who have over 50 years of combined hands-on experience; but we believe there’s more that we can do: We are now focusing on supporting those retailers who need to pivot from “store-first” to “digital-first” approaches whilst reducing costs and increasing agility & helping those who need to get up and running online quickly. We recognise that the timing might not be right for you yet, but we are here whenever you need us. hashtagretail hashtag newnormal