Impact of COVID-19 on the Retail industry

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During the early weeks of the COVID-19 pandemic, we would’ve got familiar with media houses broadcasting long queues and vacant supermarket shelves. We would’ve endured panic buying and hoarding, which would’ve provided a notion of crisis around the retail industry. All these effects would have both long-term and short-term impacts. There has been a huge demand in the food retailing sector. There is a statistic by Kantar showing that people created nearly 503 million meals every week in their homes. This led to inflation to a few supply chains since demand peaks got rid of supply systems that includes pasta, flour, basil, and, ahem, toilet paper.

On the other side of the coin, the non-food retailing industry experienced a huge backlash, unless these businesses had a candid online presence. Many clothing retailers went on to open online operations but they had to pause them to ensure safe operations.
Food retailers have to put major effort to expand the internet operations. People faced scarcity with regards to home delivery since the delivery men or women were kept busy round the clock.

The retail industry plays a crucial role in the UK economy. It comprises of nearly 5.1% of UK GDP. The public health response and the coronavirus (COVID-19) pandemic have brought up huge market impacts on the UK as well as global economies. To put it in a nutshell, the retail industry has faced threats owing to social distancing and lockdown restrictions. All these have led to quite a lot of changes in how we consume goods and services.

Around 17.2 million U.K. consumers would be making permanent changes with respect to their shopping habits.

A few retail areas are doing better than others.
As of 2020, according to research, the total retail sales volumes went down by 1.9% in comparison to 2019. The consumer retail sector’s impact has been huge, with fuel and clothing sales falling down up to 21.5%. On the other hand, online sales have been extremely high, skyrocketing up to 33.9%.

There are insights pointing out from timely card transactions that England’s second and third lockdowns imposed were similar, and not as much as the first lockdown.

On an overall basis, the retail sales in Great Britain are recovering slowly and steadily.

Retail Industry solutions

Why do you need SAP Retail ERP Software for your retail business?

For the retail industry to bounce back, it definitely needs the best Retail ERP Software in the market.

Be it small, medium or large business, the modern retail business would need a large amount of documentation. You would be generating and utilising tonnes of data in the process. With the right ERP system, you can integrate your data and processes under a single roof.

From finance to budgeting to project management, you can manage each and every activity without much hassle.
Manage Sales and Payment Booking, Payment Integration and Functionalities mapping at a single place.
Contact iQuantM for more details if you are looking for a SAP Implementation Partner in UK.

FAQs

From managing finance to project management to budgeting, it’s simple to manage every activity when you have a Retail ERP Software.

These are the modules found in SAP Retail ERP:
• Retail Purchase Management
• Warehouse Management
• Logistics Management
• Sales Management
• Accounts Management
• Inventory Management
• Taxation Management
• Supply Chain and Vendor Management
• Retail Outlet Management

These are the modules available in SAP Retail ERP Software:

  • Self-service and Commerce technologies
  • Online and offline stores
  • Distributed fulfillment and order management
  • Supply chain automation and collaboration
  • AI-oriented content management and personalized marketing
  • Cloud-based workforce enablement and hiring
  • Network edge, infrastructure and IoT for stores

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