Retail has largely rebounded from market shocks and shutdowns driven by the COVID-19 pandemic, but consumer behavior has changed, operational complexity has increased, labor challenges persist, and cost pressures are weighing on retailers. Even though organizations have seen rapid revenue growth as consumer demand has rebounded, companies will soon come face-to-face with the need to rationalize increased costs and drive profitability.
To succeed in an environment of intersecting challenges, retailers should invest to deliver a compelling experience for employees, which can directly improve labor-related challenges, while also relieving cost and profitability pressures through improved efficiency, lower turnover, and better productivity.