Russian retail: impact of the pandemic and development prospects

Trade is one of the powerful drivers of the country’s economic development. Under the influence of trade, a favorable social and economic climate of the state is formed, the production and consumption of goods are balanced. In turn, the transformation of the country’s economy under the influence of macroeconomic factors changes the environment for the functioning of trade and affects its development. The retrospective analysis made it possible to determine the influence of macroeconomic factors on the development of trade, to identify trends in modern Russian retail. The restrictions introduced during the COVID-19 pandemic have exacerbated the problem of attracting potential buyers and retaining existing ones. The virus has changed the usual retail, transformed old and generated new development trends, which led to a change in the paradigm of Russian retail. The competitiveness of those retailers that have a strong online position and at the same time maintain an offline presence, that is, rely on omnichannel and e-commerce, is strengthening. The share of goods purchased and delivered remotely will grow, and the market will actively develop, therefore the relevance of data-related technologies is increasing: the use of machine learning and Big Data, advanced analytics for dynamic pricing, forecasting demand and studying the customer audience, personalized marketing and increasing back office efficiency. Those retailers who are not afraid to experiment and actively digitalize and automate their business processes will be in an advantageous position.