Startups can help retailers leverage new technologies to be better prepared for the post-pandemic world.
Most retailers believed some of their systems could not cope with change and stayed away from any association with startups because of their cultural and technological differences. But, retailers were forced to explore localisation, revolutionise logistics and distribution, and reinvest their processes using data, analytics and machine-learning tools due to the COVID-19 crisis in 2020.
These businesses – who were reluctant to change – demonstrated their capacity to change and reinvent to serve customers better during the pandemic. They should retain the flexibility, speed and willingness to innovate while rebuilding themselves.
Marketers should also consider collaborating with startups to capitalise on new technologies, smart use of data and analytics, and new communication channels like video-call sales appointment. They should maintain an omnichannel presence and market directly to customers.
[3 minute read]