News: The Best of BoF: Retail’s Rebirth

Thursday, December 23, 2021

The Best of BoF: Retail’s Rebirth

WHAT YOU NEED TO KNOW TODAY: FRIDAY, DECEMBER 24, 2021

Dear BoF Community,

The pandemic forced retailers to get creative and adapt quickly to changes in shopping behaviour, shifts that have only continued to upend retail in 2021 as customers grew accustomed to the omnichannel and additional services retailers provided during lockdowns. But what makes for a brand-enhancing shopping experience as the industry come out of the pandemic? What even counts as a storefront anymore? The past year saw retailers experiment with second-hand fashion platforms, rethinking what they can offer in the metaverse and investing in social commerce. Meanwhile, expectations around shipping times and customer service are sky-high and staying there. And as customers look to brands for more than just transactional relationships, retailers that prioritise the traditional brick-and-mortar and e-commerce store will be stuck in the past. The post-pandemic store is hyper-local, social, flexible, grounded in digital and ever changing. All the while, this year has also seen major financial moves in the retail sector, from a slew of IPOs to acquisitions — including yesterday's announcement that Thai conglomerate Central Group is buying Selfridges.