{"id":45249,"date":"2020-04-06T10:00:50","date_gmt":"2020-04-06T17:00:50","guid":{"rendered":""},"modified":"2023-05-31T16:44:20","modified_gmt":"2023-05-31T23:44:20","slug":"retail-in-the-time-of-covid-19","status":"publish","type":"post","link":"https:\/\/www.microsoft.com\/en-us\/industry\/blog\/retail\/2020\/04\/06\/retail-in-the-time-of-covid-19\/","title":{"rendered":"Retail in the time of COVID-19"},"content":{"rendered":"

\"grocery<\/p>\n

COVID-19 has impacted our lives in ways many of us couldn\u2019t have imagined. From how we interact with our friends and family to working from home and so much more. For me personally, juggling the joys of homeschooling my teenage boys with a packed work schedule has been a true personal test. Yet I know many are facing more critical concerns.<\/p>\n

During the past few weeks, I\u2019ve had the opportunity to speak to retail and consumer goods leaders from across the world about the far-reaching impact of COVID-19 and the responses they are taking to it. Faced with drastic shifts in demand, mandated store closures, evolving customer needs, and major health and safety concerns for their employees, many retailers are navigating unchartered waters. To that end, I wanted to share a great framework from McKinsey<\/a> as well as a few useful Microsoft resources to help support you during these challenging times.<\/p>\n

McKinsey stated that many retailers are taking a three-pronged approach to COVID-19:<\/p>\n

    \n
  1. Navigate the here and now: <\/strong>Standup a crisis response or nerve center; protect employees as they are on the frontline day-in-day-out; stress customer safety and reorient the business to amplify digital; optimize inventory and strengthen supply chain.<\/li>\n
  2. Plan the comeback:<\/strong> Build a recovery strategy through a mix of financial resilience and operational ramp; consider strategic M&A and other market opportunities including consolidation; keep a tight handle on cash.<\/li>\n
  3. Shape the new normal:<\/strong> Assess shifts in consumer sentiment and behaviors that may stick post-crisis; put digital at the center of your relationship with consumers with virtual connections at a premium; ideate how to evolve products and services, including new business models and partners; prepare and plan for the long-term network implications for stores and or supply chain.<\/li>\n<\/ol>\n

    Useful Microsoft Resources<\/h2>\n

    Helping you navigate the now:<\/h3>\n