Store closures. B&M stores becoming fulfillment centres. Layoffs.
Many retailers gone. Forever.
But the notion of a retail apocalypse is greatly exaggerated.
Here is why:
Small businesses with a digital presence are winning. Over $5.1B in sales were generated from Black Friday alone according to Shopify.
Want to sell water bottles & yoga mats? Opening your own DTC store has never been easier.
Retail tech saves the day with innovators like Livescale's liveshopping, SimpliField's real-time communication app and Heyday AI's chatbot. National Retail Federation says livestreaming sales will double to $120B in 2021.
I've heard the story of the howling dog sitting on a nail.
The dog would howl in pain but refused to move.
He only moved when it was too painful.
Retail has been sitting on nails for too long, feeling the pain.
It must move.