Record sales experienced by most retailers in 2020 will only last as long as the sector is able to innovate, according to an expert from the University of Sydney Business School.
“A downturn in turnover after the record-highs of last year is inevitable. But if the sector wants to survive and thrive it needs to ensure it is equipped to adapt to post Covid-19 trading conditions,” PhD candidate from the University of Sydney’s Institute of Transport & Logistics Studies, Gareth Jude said.
“The retail industry has shown it can innovate; the quick transition to contactless delivery is proof of that. And there was a real sense of pride, particularly from those working in the food retailing sector, that they were keeping Australians fed and the economy going during the Covid crisis.”
Jude has authored a new book, Retail Innovation Reframed, offering the retail industry the key to thriving post-Covid, which was launched at the Australian Retailers Association Leaders Forum last week.
Australian Retailers Association CEO, Paul Zahra, said, “If your business needs to change or if you serve a retail business that is having difficulty with the process of innovation, I commend this book to you.”
The book draws on case studies from large businesses including Walmart and Target in the US, as well as small businesses like Nutie, a Sydney-based retailer of vegan and gluten-free donuts, cakes and treats.
“The biggest challenge facing the retail industry isn’t the economy, the so-called new consumer, technology or Covid-19 but rather how equipped they are to tackle innovation. There’s a real danger that retailers will revert back to ‘business as usual’ as restrictions ease. But this would almost guarantee negative business consequences,” Jude said.