Retailing in 2021 is facing an unprecedented crisis: the combined effect of e-commerce and Covid has emptied our high streets and brought many famous brands to their knees.
So how can retailers succeed in the current revolutionary times?
The key is to understand the depth of the changes – this is not just about the advent of websites (paging 1995 - ed.), it is much more profound. The ongoing internet revolution has transformed competition by dropping barriers to entry and handing the consumer near-perfect knowledge. Launching a new brand used to involve huge costs and risks – now all you need is a Shopify website and an innovative product that generates great user reviews.