How Retailers Are Moving from Navigating a Crisis to Managing the Response

Traditionally, crises unfold in a distinct beginning, middle, and end arc. However, retail experts cannot identify and predict every minutia in real-time. It takes time to watch the wave crest and fall, often leaving a long list of previously stable brands vulnerable – and the recent economic challenges brought on by the unrelenting COVID-19 pandemic are no exception.

Most retailers have already survived a series of crises for almost 20 years. However, the lessons learned from the past seem to be ineffective today. Instead, the inefficiencies of disconnected supply chains and commerce experiences are being exposed. Meanwhile, new requirements are emerging, such as reskilling the workforce to serve online customers flexibly and quickly.

Despite facing uncertainty and upheaval, retailers are certainly not sitting idle. On May 1, I joined a panel of nine CEOs from digital-native brands for a virtual roundtable. The conversation – rich in practical expertise and visionary thinking – uncovered various concerns and solutions that can help ease retailers’ burden.

By the end of the event, it was clear that retail executives must go beyond just leading their business through a crisis, which only guides employees to the best possible, short-term outcome. They must manage their response to change, focusing on instilling long-term operational resilience and preparing for a recovery when better times emerge.

The first step to shifting this leadership mindset is understanding the impact of direct-to-consumer models, supply chain disruptions, reskilled stores, remote workforce, and new coalitions between brands. You can get insights into these topics right now by accessing the notes detailing key discussion points and benchmarks from the panel discussion.

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