2020 was the year in which we experienced disruptive changes at a pace and a scale that we could never have imagined. COVID-19 caused disruptions in product supply and demand, in the labor pool, and consumer spending. But it also allowed many sectors to embrace digitalization like never before.
Retail is 31% of the world’s GDP, and that data is the demand signal for the world. In 2020, the retail industry faced challenges but also opportunities. First, the retail sector accelerated the already underway transition from physical retail to e-commerce quickly.