A study on impact of covid 19 on retail sector in India and its revival strategies
Retail sector is one of the most dynamic and fast paced industries with multiple players in the market. It has become part of our lives by fulfilling our needs and demands at the right time and right place with quick access for consumption. This sector operates as a gateway to consumers from upstream sectors as it provides an opportunity to consumers to purchase goods and services for their professional and personal use. The major disaster of the year COVID 19 has marked its imprint on this sector to face new challenges and create new opportunities for survival. The immediate impact of outbreak included sudden surges in demand for essential goods, with heightening of health care and financial crisis and steep decline in non-essential goods. With governments strict imposition of lockdown economy has further worsened causing major turbulences to small and unorganized retailers. This comprehensive research paper focuses upon challenges faced by the retail industry during this pandemic and innovative ideas and strategies required for its revival.This paper intends to ascertain and analyze new retails facets entering the market, recognizing various confronts that retail sector is facing, identifying and discussing various strategies that have been and could be implemented for attracting future business opportunities. Its findings implies on leveraging digital technologies right from managing supply chain, logistics to delivery of products and services to customers for smooth flow of business in a future period In this conceptual research paper, researcher has dealt with various dimensions of retailing through existing literature reviews, journals, books, magazines, working papers, internet sites etc., and it has been reflected as reference in the end.