The global retail industry is experiencing an unprecedented crisis in the wake of Covid-19. Consumers are staying home and tightening their spending as they face uncertainties related to their health, wealth, and jobs.
This physical and psychological hunkering down is hitting retailers hard, as U.S. retail sales dropped a historic 8.7% in March, and moving forward are expected to drop 20% (at least) according to the National Retail Federation. Retailers are in turn laying off staff and scrambling to understand their options. Where are the opportunities for retail marketers and how can they minimize losses?