Even before Covid-19 took the world by surprise, the retail industry was already experiencing significant transformation. The internet had changed consumers’ purchasing behavior and e-commerce was a growing share of the market. Brands like Walmart and Target were investing in digital operations, and fashion houses were realizing that Instagram might be their biggest competitor. Now the retail industry has found another reason to adapt.
Quartz’s latest presentation for members looks at the continued evolution of the retail sector, which has been accelerated by Covid-19.
Retail has proven to be one of the United States’ most dependable industries. Depending on how the data is categorized, it is either the country’s first or second-largest employer. Despite the rise of e-commerce, the long term trajectory has been growth for retail sales and jobs.