COVID-19 pandemic has affected every aspect of our lives. On one hand, the death toll continues to rise, while on the other, the global economy is also on a decline. Moody’s heat map shows the economic state of various industries, among which, the case of retail is quite peculiar. While groceries and drug stores are operational to ensure people have essential supplies in their homes, the lockdown mandate has deeply impacted retailers of non-essential goods.
The challenges arising from the crisis will accelerate the use of existing and new technologies. In these difficult times, retailers can provide some respite to people by making shopping more convenient. By leveraging digital assistants, intelligent search engines, and efficient data-driven insights, retailers can make the experience delightful and painless.