Defining Demand Forecasting Demand forecasting as the term suggests is predicting the need for a...
Unprecedented global catastrophe has pushed the business dynamics off the rails. Most of the large economies went under different forms of lockdowns, and people also rightly took the necessary precautions. A side effect has been a significant slowdown in the macro and microeconomic activities.
Now the lockdowns are lifting, and markets are starting to open slowly, with cautious optimism. Retail has been one of the most impacted sectors in an overall slowdown. Retailers around the world are making adjustments to the altered situation, and general sense is that we are still away from business as usual.
People changed their shopping patterns in a matter of days. Essential items like grocery, medicine even clean water and sanitary supplies saw increased spending as people tried to hoard these items initially. Over time other categories like office supplies saw a bit of bounce back as global workforce started working from home.
During the lockdown, brick and mortar stores saw negligible footfall, and online shopping became the primary channel of shopping. So much traffic suddenly shifted to online channels, that their supplier and distribution networks came under pressure. It has been much hustle and on the feet thinking to make it all work. Not perfect, but everyone is adapting at a fast pace.
The retail sector overall has led the way in innovation, adaptability and execution. Right from the manufacturing, distribution, planning, and on the ground execution all started adapting quickly to the new normal. There are still many adjustments to be made in the short and long term. To understand it better, we reached out to the top industry leaders to get their perspective on the current situation.
This report is our attempt to bring out the common thread of interests and how we all collectively plan to overcome.