The retail industry is battling labor shortages, rising inflation, and supply chain disruptions. And surging COVID-19 omicron cases have heightened uncertainties for the industry, threatening sales and profits. “Even with the experience of the past two years, there is no model that can predict how the economy responds to a pandemic,” said National Retail Federation (NRF) Chief Economist Jack Kleinheinz.
Over the past two years, the industry has demonstrated resilience with technology investments to strengthen its online presence and address changing consumer preferences. According to Gartner’s survey, 95% of retail CEOs say they plan to increase their investment in digital capability. Retailers are seeking to boost their omnichannel offerings by building a sustainable supply chain and enhancing consumer experience through ‘phygital’ shopping.
