Conclusion
Though Bed Bath & Beyond is up battling myriad problems that include inappropriate inventory levels, declining revenues, neck-throat competitive pressure for its market niche from companies such as Amazon ad e-commerce retailers, it still has opportunities for improvements. The future of the retail world is hinged on the increased proliferation of technological platforms. Bed Bath & Beyond management must position itself to take advantage of the numerous platforms provided by new technology and segment and position to specialize in a particular target market to change its dwindling profits. The SWOT analysis revealed that technology remains an untapped opportunity, which, when used effectively, can increase the company’s revenues in multifold. Digital investments in approaches such as ‘buy online and pick an in-store platform’ increase the reach of the company to both existing and potential customers and help address challenges in its supply chain management. It helps solve the operation costs while ensuring that there is no interruption of supplies amidst the pandemic challenges. Indeed, many retailers that have banked on technological platforms have seen an increase in revenues as more consumers are attracted to online shopping and delivery to minimize contact due to Covid-19. The company needs to focus on its marketing strategy, improve its customer services, suppliers, and private label and brand development. It needs to strengthen customer relationships through expanded and faster delivery options, enabling it to retain its loyal consumers and attract potential customers. Cost savings through streamlining its supply operations will give it the much-needed cash flows to help manage the tightened operations, especially during the current economic challenges faced by businesses across all industries.