COVID-19 has pushed brands to make unprecedented changes and decisions. Although it has been an anxious period, it has pushed us to review our businesses from all aspects making way for higher sustainability and efficiency.
Stay at home restrictions have impacted the retail market around the globe, causing sharp declines in revenue forcing companies to counteract with digital contingency measures. Traditional brands and high luxury brands that relied heavily on brick-and-mortar sales such as Hermes, have sped up e-commerce channels in order to stay afloat.
The silver lining is by investing and putting resources in e-commerce, companies have the opportunity to get ahead when COVID-19 eventually clears.
Until then, companies should define their market gaps, accelerate and catch up before falling behind.
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