The novel coronavirus and the precautions governments and individuals are taking to protect themselves from infection have already had a powerful impact on the global economy. Those impacts are likely to extend well into this year, possibly even into the fourth-quarter holiday shopping period. Between disruptions to manufacturing and supply chains and shifts in consumer behavior and purchase decisions, the retail industry will continue to be hit on both the supply and demand sides. Retailers and brands won't have the luxury of waiting to see how long the current outbreak lasts; they need to plan ahead and place their product bets quickly and accurately for the rest of the year, including the holidays. Forward-thinking retailers are already preparing for a multitude of scenarios by using predictive analytics to understand what their customers really want. They're strategizing on the best practices to accurately make product selection decisions while figuring out how to get those products in a timely manner.
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