The Three Retail Challenges For 2021
With the economy opening up again, it doesn't mean retail is out of the woods. While online retailers can hide behind piles of virtual inventory, dropshippers, and resellers, no such luck for physical retailers.
Recent articles - like this CNBC piece - indicate the retailers are not yet in good shape to reopen. As seen from recent Suez Canal events, the global supply chain is anything but smooth at the moment. Costs are high, and delays are frequent.
If you have a fleet of stores, stockouts are extremely common. Consumers aren't yet in them in full force, but when they do come, they expect perfection. What's a retailer to do in such a case?
There will likely be many further store closures this year as a result of continued profitability, supply chain, and (what isn't often talked about) staffing issues.
It is difficult to find great employees in this environment, which is a little counterintuitive. That means the staff that is still there is forced to do more with less.
