What Is the Definition of a Resilient Retailer?
To define what “resilient retail” looks like, Microsoft conducted an extensive survey of over 1,200 retailers with revenues of more than $200 million across North America, Mexico, Brazil, the United Kingdom, Germany, France, Malaysia, Japan and Australia. The survey asked retail CEOs what came to mind when they thought of “agile retail.” Here are the results:
- The ability to adapt into change and thrive during times of uncertainty
- The ability to anticipate the unexpected – from shifting market conditions to changing shopper expectations
- The ability to absorb financial shocks in the economy and supply chain For a single retailer to master all three abilities is a tall order.
For a single retailer to master all three abilities is a tall order. To start, experts recommended that retailers keep perspective. “Try cultivating a growth mindset in order to instill an adaptable, problem-solving culture,” Bransten said. “With time, that translates to a resilient attitude in employees, and then gets showcased in the company as a whole,” she said.