The outbreak of the novel Coronavirus (COVID-19) has caught many consumers and retailers/consumer goods companies off guard in recent months. Traditional business models were being challenged and displaced while other retailers/consumer goods companies, particularly those with strong online presence, are eyeing on new opportunities resulting from a sea change in demand and consumption pattern.
The existential challenges brought by the public heath incident have in many ways prompted retail businesses to reassess their operating environment and act swiftly to rein in costs and find new revenue sources. This article explores some of the solutions that could help retailers/consumer goods companies turn crisis into opportunities.
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