Bain & Company Partner Gwendolyn Lim on Retail Outlook

The video discusses the impact of COVID-19 on retail sales, highlighting the shift to online shopping and the challenges faced by brick-and-mortar stores. It explores supply chain issues exacerbated by the Omicron variant and their effects on consumer confidence. The video also examines consumer behavior during major sales events like Black Friday and Cyber Monday, noting the importance of cultivating customer loyalty through personalization and improved customer experiences.

What was a surprising trend in shopping habits during the COVID-19 pandemic?

• Decrease in online shopping

• Decrease in brick-and-mortar sales

• Increase in online shopping

• Increase in brick-and-mortar sales

What is one reason why early season sales might look good despite supply chain issues?

• Supply chains are fully resolved

• Omicron variant has no impact

• People are buying gifts earlier

• Retailers are offering more discounts

How are retailers responding to price pressures during sales events?

• Offering more generous discounts

• Focusing on margin preservation

• Increasing product prices

• Reducing product variety

What is a major challenge for retailers in cultivating customer loyalty?

• Lack of online presence

• High competition in discounts

• Limited product availability

• Increased advertising costs

What is a key strategy for cultivating customer loyalty according to the transcript?

• Offering the lowest prices

• Increasing advertising spend

• Personalizing customer experiences

• Expanding product lines

How do companies measure customer loyalty effectively?

• Through sales volume

• Through social media engagement

• Using Net Promoter Scores

• By tracking website visits

What is one way companies can enhance customer experience?

• Limiting return policies

• Offering free products

• Reducing customer service staff

• Providing multiple delivery options