Almost three quarters (72%) of UK retailers have said they are suffering from supply and logistical issues during the Covid-19 crisis, and they are looking to invest in digital as a means to combat supply issues.
According to research by Opinium and LiveArea, 70% of retailers said that a drop in demand due to the coronavirus was impacting their business.
Just over one third (35%) of those surveyed said they were operating as ‘normal’, while nearly a fifth (17%) of retailers reported business had increased compared to the same period last year.
The study also found that the means with which retailers are looking to deal with changing supply chains, with digital commerce (72%) and IT infrastructure (60%) named as the top investment priorities for businesses once the pandemic is over.
Elliott Jacobs, EMEA commerce consulting director at LiveArea, said: “The retail industry is set for a complete overhaul, from in-store experience and purchasing behaviours, to delivery and logistics. No company can fully understand its ramification and therefore must invest in technology that enables business agility.
“Whether it be through strategic partnerships or mergers, new platforms or applications, retailers need the insights that digital provides. Only by developing these capabilities can brands truly react to these unprecedented times and come out stronger at the other end.”