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Episode 7: Digital Transformation Series: Making Up Revenue Lost to COVID-19 Through Digital (Part 1)




Announcer: Welcome to this episode of “60-second Retail” - a BDO podcast keeping you in-the-know on events and trends in retail and consumer products industry impacting your bottom line, in just a few short minutes.

Natalie: Hello, my name is Natalie Kotlyar, I am the National Leader for the Retail and Consumer Products industry group at BDO USA.  In this episode, part of our Digital Transformation series, we are speaking with Robert Brown, Managing Director and Client Executive at BDO USA, to discuss how retail has been impacted by COVID and how a strong digital presence can help make up for lost revenue.

What are the key impacts COVID has made on retail?

Robert: Certainly the most obvious was the closure of the brick and mortar locations that retailers were conducting their business in, and that sort of prevented people from shopping in-person, which again, the majority of all sales in the US are generated.

But what it also did was it facilitated a cultural change where people were forced to move online and buy the products and services that they needed, because it was their only option.

What it also did, is it sort of set up a new opportunity where we've got businesses shifting, how they have to provide digital services as part of the way they conduct business, both online, as well as in-store.  Now a combination of sort of a hybrid approach to their online presence that also connects with their in-store presence.

 

Natalie: We've certainly seen a significant amount of lost revenue as a result of the pandemic. What are some other short-term ways that you could replace revenue that was created during the pandemic?

Robert: I think they need to be focusing on a branded digital storefront.  And notice I said storefront. I didn't say E-Commerce specifically or I didn't say social specifically.

It's important that like when they do their physical layout of the store experiences and how they merchandise the stores, that they think about the same thing in terms of the digital storefront of what is the sort of experience online?  Connected, obviously to an ecommerce engine that provides the products and services that they offer and do that in a manner where it's very frictionless.

They also need to leverage their digital advertising, as well as, their social media so they're also capturing the conversation and converting that conversation directly into the digital storefront, just as they would be doing to their typical consumer public that they deal with today.

 

Natalie: Thank you Robert. We look forward to continuing the discussion in future segments on the importance of digital transformation in the retail industry.

Announcer: And that concludes this episode of BDO’s “60-second Retail” podcast.  Don’t forget to tune in for the next episode!  To find more information on our hosts, guests, BDO’s services, or listen to previous episodes of “60-second Retail”, please visit www.bdo.com/60-second-retail.

 

 
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