Freakley said that even though the pandemic has affected the entire economy, it has produced winners and losers because it furthered negative disruption already happening in certain industries, like brick-and-mortar retail, while creating opportunities for others that have spent years evolving their business offerings.
Even companies without a clear online strategy could succeed during the pandemic as long as they were working to find ways to overcome industry disruption, Freakley explained. Primark, an Irish fast-fashion retailer, has continued to do well despite store closures earlier this year and having no online strategy. Instead, the retailer has stuck to providing low-priced, trendy inventory in stores.
After companies worked through any immediate liquidity issues, the conversation shifted to how companies should strategize to survive the pandemic in a way that made sense for their industries, Freakley said.
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