How Retailers Can Reach Consumers Who Aren’t Spending

U.S. retail sales dropped a historic 8.7% in March, and moving forward are expected to drop 20% (at least) according to the National Retail Federation. Retailers are in turn laying off staff and scrambling to understand their options. Where are the opportunities for retail marketers and how can they minimize losses? HBR recommends the following actions:

1. Deepen your customer insights
2. Cover the basics
3. Look for the digital meet-and-greet
4. Adapt your offer to the digital world
5. Focus on the experience
6. Experiment with offerings with long-term potential
7. Don’t let your brand community wither
8. Contribute toward the fight
9. Plan for life after Covid-19