Strategic management assignmenton the issues observed in the retail industry after the covid -19
Task: How covid 19 effectthe retail industry? What resolutions can you provide in your strategic management assignment to manage the issues?
Problem statement of the strategic management assignment:
The covid-19 pandemic has destructed all the industries; however, retailing industry is among the most affected ones as per this strategic management assignment. Since the pandemic has started, there is an exponential change in the external environment associated with the retail industry has been observed which made it challenging for the strategic management in organization or lead to shutdown of the company.
• During the pandemic, the government has been forced to close most of the retail stores to avoid transmission of the virus, except few essential services. A new normal that is new structure and circumstances in the management has been initiated during the pandemicas per the findings of the strategic management assignment (Raj & Seamans, 2020).
• Besides, the buying style of the customer has also changed during the pandemic from offline to onlinewhich made the change in the strategic management structure (Wang et al., 2020).
• As the number of online purchases has increased as per the findings of the strategic management assignment, the need for digital management and the online channel has also increased (Changkakati et al., 2021).
The retailers faced difficulty in attracting and retaining customers and had to adopt online mode of functioning. Strategic management issue that has been observed in this as per the findings of the strategic management assignment includes keeping up with the changing expectation of the customer, managing supply chain management and encouraging contactless and digital payment. To overcome the issue, enterprise SEO, paid media, content strategy, Local SEO, or social media is needed. In such changing condition, organizations that lack strategic management are unable to either run in this pandemic or is running at low or no profit.
Changkakati, S., Chauhan, S. S., Verma, S., & Yuvraj, N. (2021). Supply Chain Management Analysis in Online Retailers and Logistics. Retrieved on 24th June from:https://d1wqtxts1xzle7.cloudfront.net/66744383/supply_chain_management_analysis_in_online_ IJERTV10IS040219-libre.pdf1619852539=&response-content-disposition=inline%3B+filename%3DIJERT_Supply_Chain_Management_Analysis_i.pdf&Expires=1656 098672&Signature=SNbV62m strategic management assignment1XiSDpQ3F6yBbl7cYzj8Q0f0KFqPL1dUCmIP5qnn-Zv9hw70Z6AHKrWqgr1vC0R8E8qVx2elO0jsZL4BzvMBjGsQfqH4QnXYEMNoGbJWjSMHplHxCjXgxSBab-0QIme2rMpMfHGussguSSN7buyXyzn5LauenIHeTqOo2F8pb9EO3cKnlwLjoTF6Af9O8-6Gmj918ADcfWzIMlM1tHNzYj3lgO7mTbSOs61vcpk5dXLwGGrPFua99~8l5cFEgcNkt1nNuqdjXzxhSV0Ki ca5CZ4JwNevirU99TSOam7hHkNxcuhal6v-OqRzKoDLT1aA6YjVhVMYQGAlx3w__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA
Raj, M., & Seamans, R. (2020). MANAGING ORGANIZATIONS IN A TIME OF CRISIS. Retrieved on 24th June from:http://people.stern.nyu.edu/moliva/syllabi/Raj_Seamans_innovation.brief_04302020.pdf
Wang, Y., Xu, R., Schwartz, M., Ghosh, D., & Chen, X. (2020). COVID-19 and retail grocery management: insights from a broad-based consumer survey. IEEE Engineering Management Review, 48(3), 202-211.Retrieved on 24th June from:https://www.researchgate.net/profile/Xiang-Chen-29/publication/343725467_COVID-19_and_Retail_Grocery_Management_Insights_from_a_Broad-based_Consumer_Survey/links strategic management assignment /6071534ba6fdcc5f7794d47a/