The past few months have been pretty eventful on global events, although social events are restricted from taking place. The events have all been disastrous and have caused worldwide retail markets to become highly volatile. A testament to that is the U.S. stock market entering a bear territory after continuing a bullish run for more than a decade. The global investors are confused and anxious at the same time and might need more time to return to their comfort zone. This has caused multiple sectors, such as retail, to suffer thoroughly.
How are the four significant countries recovering wrt the Retail sector?
We shall try and understand in brief how the retail sectors of 4 major countries are fighting this critical situation and recovering from it.
Indian retailers are merely looking for ways to stay afloat instead of seeking profits. They are trying their best to provide for their employees and other stakeholders and keep the business moving. They have been looking towards the Government to provide ample support to this objective, but their hopes haven’t been rewarded gracefully yet.
As losses amass up to $40 billion, retailers in India are searching for ways to continue their business online and offline. Many retail chains have limited the number of customers allowed at a time in their outlets, and some others are allotting slots to customers that are requesting to shop at their stores. While home delivery has been a viable option, yet the lack of sufficient delivery personnel has restricted them to rely entirely upon that system.
Digital is the way ahead for us all, and the U.K. retail sector has been mostly able to implement it throughout their retail. As a result, they are on the recovery, trying to undo all the negative impacts that the corona virus had brought upon their economy. Retail outlets are also engaged in pickups instead of delivery, where the customers pick up their orders from the stores in allotted time slots following non-contact protocols.
As the USA still struggles to combat the pandemic crisis, their agony has been multiplied with the occurrence of other disastrous events such as floods and countrywide protests. Nevertheless, their retailers are trying to stay afloat and recover losses by going online as much as possible. They are hiring additional delivery persons to secure more purchases through online platforms.
As Wuhan reopened in April, China relaxed its lockdown steadily to curb the pandemic induced crisis in their retail sectors. They have engaged local groups of community shopping agents to counter market footfalls and keep the sale on. Community confidence in safe markets is being restored, and physical stores are preparing to reopen anytime soon. Physical experiences are being converted to virtual ones and delivered to consumers, thereby retaining retail sales.