ExtraHop has released its third annual Global Cyber Confidence Index, which found organisations are generally ill-equipped to manage and mitigate their cyber risk following a significant increase in ransomware attacks and cybersecurity incident downtime.
Retail Critical Issues
These Critical issue articles relate to strategy, legislation, technology, best practice and some of the most challenging business topics in the world of retail information technology. The articles in this section have been contributed by leading vendors, industry leaders, research analysts, trade associations and consultancies. This collection of articles cover a variety of topics relating to IT equipment, hardware & software being used in a wide variety of retail and retail supply chain environments across Europe. They look at market trends, improvements in technology and some thought provoking comment on all aspects of optimising and improving efficiencies in store and across retail supply chains.
Brand loyalty or just habit? Study reveals that more than half of repeat purchases are due to routine, convenience and accessibility
Apr 23, 2024
Intuit Inc., the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released a new report, ‘The Science of Loyalty’, focused on the drivers behind consumer behaviour and tangible insights that marketers can take to build loyalty and cultivate meaningful relationships between their brand and its customer base.
Innovative systems and services that support 'lights out' operation: BEUMER Group brings the future of dark warehouse operations
Apr 23, 2024
BEUMER Group is sharing its vision of dark warehouse operations. As a global supplier of automated material handling systems, the company is already developing the innovative systems and services that will support the transition to ‘lights out’ operation.
GlobalData reveals list of top 10 LLMs on social media
Apr 23, 2024
Large language models (LLMs) have seen significant advancements in recent years, with the introduction of new artificial intelligence (AI) chatbots and upgrades to the existing models.
Tech businesses have increased AI usage to improve business operations by 25% in the last quarter
Apr 23, 2024
Data analysed by the customer experience experts at CX Network, the global online network for customer service and marketing leaders, has found that AI usage to improve business operations in the technology sector has increased 25% since the end of 2023.
Computer Vision spearheading AI productivity in 2024
Apr 22, 2024
Adoption of Computer Vision technology, powered by AI, is at a tipping point and set to power productivity across a range of industry sectors, according to the latest research commissioned by Panasonic Connect Europe.
Solid expansion of UK SME business activity so far in 2024
Apr 22, 2024
Business activity among UK SMEs has expanded at a solid rate throughout the first quarter of the year with the NatWest SME PMI Business Activity Index recording 52.6 in March.
70% of organisations lack the capability to track carbon emissions in their supply chain, according to data from visibility platform Beacon
Apr 17, 2024
Beacon, the supply chain visibility and collaboration platform, has released its 2024 Supply Chain Visibility Capabilities Report examining the progress organisations are making on improving supply chain visibility.
95% of IT leaders concerned about mainframe modernisation backlog
Apr 17, 2024
Some 95% of IT leaders across industries have voiced concerns over the implications of not modernising applications and data running on mainframe systems.
Expert warns to hang up the call if you hear these 4 key phrases during an unknown call
Apr 16, 2024
Scammers are becoming increasingly sophisticated, deceiving millions of people yearly through clever tactics and persuasive language. One crucial way you can defend yourself from falling victim to these schemes is by learning to recognise the telltale phrases used by scammers to lure unsuspecting individuals into their traps.
Critical issues:
The retail industry is facing a number of critical issues including:
- The rise of e-commerce: Online shopping has been growing rapidly in recent years, and it is now a major threat to traditional brick-and-mortar retailers. Online shopping has been growing steadily for years, and the COVID-19 pandemic has accelerated this trend. As a result, many brick-and-mortar retailers are struggling to compete.
- The need for omnichannel customer experience: In order to compete with e-commerce retailers, traditional brick-and-mortar stores need to offer a seamless omnichannel customer experience. This means that customers should be able to shop online, in-store, or through a combination of both channels, and have a consistent experience regardless of how they choose to shop.
- The need for data-driven decision making: Retailers need to use data to make better decisions about everything from product assortment to pricing to marketing. This means collecting and analyzing data from a variety of sources, including customer transactions, website traffic, and social media activity.
- The need for a strong workforce: The retail industry is facing a labor shortage, as many retailers are struggling to attract and retain qualified workers. This is a major challenge, as a strong workforce is essential for providing excellent customer service and meeting the demands of the ever-changing retail landscape.
- The need to stay ahead of the competition: The retail industry is constantly evolving, and retailers need to be able to adapt quickly to new trends and technologies. This means being open to change and being willing to invest in new initiatives.
In addition to the challenges mentioned above, the retail industry is also facing a number of other threats, including:
- Cybersecurity threats: The retail industry is a major target for cyberattacks, as retailers collect and store a large amount of customer data. Retailers need to take steps to protect their data from cyberattacks, such as implementing strong security measures and educating employees about cybersecurity threats.
- Regulatory compliance: Retailers need to comply with a variety of regulations, such as those related to data privacy, product safety, and labor laws. Failure to comply with these regulations can result in significant fines and penalties.
- Sustainability: Consumers are increasingly demanding that retailers adopt sustainable practices. Retailers need to find ways to reduce their environmental impact and improve their sustainability practices.
In addition to these critical issues, the retail industry is also facing a number of other challenges, such as:
- The increasing cost of doing business: The cost of rent, labor, and inventory is all rising, making it more difficult for retailers to make a profit.
- The threat of cybercrime: Retailers are increasingly vulnerable to cyberattacks, which can lead to data breaches and financial losses.
- The changing regulatory landscape: Retailers need to stay up-to-date on the latest regulations, which can be complex and time-consuming.
- The growth of artificial intelligence (AI): AI is already being used in the retail industry to automate tasks, personalize the shopping experience, and predict customer behavior. As AI continues to develop, it is likely to have a profound impact on the retail industry.
- The changing demographics of the customer base: The demographics of the global population are changing, and retailers need to adapt their strategies to reach these new customers.
The retail industry is constantly evolving, and retailers need to be prepared to adapt to change in order to survive and thrive. The critical issues discussed above are just a few of the challenges that retailers will face in the years to come. By understanding these challenges and developing effective strategies to address them, retailers can position themselves for success in the future.
