The COVID-19 pandemic has hit economies around the world and affected many businesses. Unemployment in Australia increased from 5.2% to 7.5%. Many traditional brick and mortar businesses are left to fend for themselves, managing costs with zero revenue. In response, many businesses have turned to newer, more innovative ways to attract customers and remain competitive. In particular, social media and search engine marketing have become powerful selling channels.
Increasingly, grocery and pharmacy retailers have had to make the shift to digital channels to remain relevant and competitive. Meanwhile, retail banking is grappling with how to integrate the full experience into digital channels. Luxury retailers, such as Gucci, Burberry, and Saks Fifth Avenue, have a dramatic decline in discretionary sales and must flex their digital muscles in order to stay in business. Thankfully, they can do so faster than ever before.