COVID-19 has created a huge impact on a global scale that led to an unprecedented worldwide economic disruption.
There is a severe hit in the retailer industry during the crisis. Significantly high demand for certain products took off due to the panic-buying behavior of consumers. While demand skyrocketed for some products, some products went down low, which piled up as unsellable inventory. A big responsibility lands into the laps of essential goods retailers to continually provide goods in every way possible. This leads retailers to adapt to innovation at a faster rate in order to mitigate the fluctuation of both supply and demand as they shift towards online business operations
The most challenging move for retailers is to abruptly adjust their plans for the end of the year in order for their business to continually operate. At this point where everything is still uncertain, no one has a blueprint of what is effective or what is not in this kind of situation. Any forecasts of retailing models done might only be accurate for a few months and then shift to another until there is a balance between demand and supply again. Business owners are finding ways to make sure that despite the uncertainty, there is a way to stabilize their operations and have profitable growth.