TRENDS FOR 2021 AND WHAT THEY MEAN FOR RETAIL AND POS

TREND 7: ENTREPRENEURSHIP

As we move out of the pandemic crisis, creativity and thinking differently will be really important for all businesses – new ways of working have had to be quickly established.

  • According to McKinsey in the US there is already a different reaction to this crisis compared to previous economic downturns. In the 2008 – 2009 financial crisis small business formation declined and rose only slightly in the recessions of 2001 and 1990-1991. In the third quarter of 2020 alone there were more than 1.5 million new business applications in the US – almost double the figure for the same period in 2019

  • The number of new businesses registered in the UK in the third quarter of 2020 rose 30% compared with 2019 – the largest increase since 2012

  • It is likely that these new businesses, many of which will be highly agile, will stimulate further innovation as traditional companies have to respond and adapt to new competition

TAKE OUT FOR POS:

Understand best practice to enable you to elevate your brand in busy retail environments. Keep track of every element of process to determine where speed to market can be optimised to ensure you can always maximise any last minute opportunities.

Joy Powell