Eight priorities to thrive, not just survive in 2021
In 2021, consumer and retail companies will face continued challenges from COVID-19, including new shifts in consumer behavior and technology expectations, strained supply chains, increased cybersecurity risk, changing talent needs, company culture issues and political uncertainty.
In addition to a focus on business resiliency, consumer and retail boards will be required to assess how their businesses should adapt. But updating the old ways of doing business won’t be enough. Boards must guide their companies to develop strategies to thrive in the ever-changing business environment.
In this report, we highlight the following topics for consumer and retail boards to keep in mind as they consider and carry out their 2021 agenda:
- focusing on COVID-19 response with an eye on the bigger picture
- enabling digital commerce
- attracting and retaining talent
- determining the optimum balance between cost efficiency and speed to customer
- protecting the extended enterprise from cyber threats
- making real change to develop a culture of inclusion and diversity
- proactively engaging shareholders
- embedding ESG as part of corporate purpose.