The retail and leisure industry has been operating in the midst of unique times with changing circumstances, and then came covid-19. The coronavirus has already had an impact on the industry – delaying the delivery of goods from impacted countries, halting travel plans and the postponement or cancellation of events. However, it is important to start a recovery strategy whilst still reacting to the critical moment we are in.
We can learn lessons from leaders in markets further down the line from their initial outbreak. Here at ART, it has never been clearer that a professional analytics platform to share knowledge and connect everyone with access to the right depth of information is essential. So, here are some ways to keep on top of the data and utilise it to manage critical situations and map your recovery strategy.
Lessons for Retail and Leisure leaders in the time of covid-19
Create clarity for tenants and employees. Official advice can be too slow or not specific enough for your business needs, so it is important to try to create clarity for partners and employees, even though the status of the situation is changing.
Real-time accurate data is essential to make difficult decisions. A professional analytics and communication platform also helps you be attune to your tenants sentiment and needs and allows you to be consistent with your messaging and operational direction to retail teams. Not only can you share clear instructions for the safety of your employees and customers during a high-risk time, you can also empower employees with the analytics they need to take informed initiative – unique to their location, role or task. In China for example, which appears to be in the early stages of economic recuperation, some businesses adopted this two-pronged approach where strong direction from leaders was complimented with encouragement for employees to innovate.
Tailor your recovery strategy by destination. It is essential to easily segment different metrics such as sectors as different product groups will require different approaches to see them to recovery. Health guidance and public policies will also vary by location, so it may require a bit of flexibility within the geographical structure of your business. The Retail Advantage destination analytics platform allows you to standardise data coming in and increase the speed and accuracy of reporting across a portfolio. This allows you to continually react to regional differences and adjust the tone of your communications, marketing activities, and budget allocation accordingly.
Opportunity comes amid uncertainty. The crisis is impacting everything to various degrees, but it is good to have a more granular view to quickly maximise on hot-spots. One thing we can predict is that with all the postponement, the aftermath will see real world social networking.