Retailers that successfully adapt to the COVID-19 pandemic’s social distancing requirements offer a model for making a quick digital pivot.
Lockdown measures during the COVID-19 pandemic have had a huge impact on the retail sector. Yet some retailers are thriving amid the disruption. While J.C. Penney recently filed for bankruptcy, others, like Target and Walmart, have pivoted quickly and successfully. Writing for MITSloan Management Review, Mark J. Greeven, Howard Yu and Jialu Shan look at what lessons can be learned from these resilient retailers.
The resilience of retail companies surviving – even thriving – despite the pandemic is due to one simple fact: they have transformed their traditional business models rapidly by using a variety of digital practices. These include: