Mollie, the European payment service provider, has published research unveiling the state of payments in retail today as well as the challenges and opportunities in the retail market following a turbulent year.
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.
How retailers can deliver a positive returns experience for customers
Mar 15, 2021
By Peter Ballard, Co-Founder of Foolproof, a Zensar company and VP Head of Marketing (EMEA) at Zensar Technologies.
Returns are a major headache for retailers, exasperated by online sales where vetting product quality is harder.
The Impact of Augmented Reality Could be Even Bigger this Year
Mar 12, 2021
Augmented reality (AR) is not a new trend in retail, as it has been in the developmental stages for many years now. However, the level of progress in AR-based retail technology seen in 2020 alone was more impressive than anything that had come before.
There’s no smooth sailing in retail – omnichannel investment is the key to weathering the storm
Mar 10, 2021
By Christophe Pecoraro, Managing Director of PFS Europe.
A series of challenges over the last year have brought with them a wealth of era-defining moments for retail. Within a brief and turbulent window of time, we have seen some of the biggest hallmarks of the changing retail landscape.
New study reveals slow loading websites cost retailers nearly £60 billion in lost sales each year
Mar 10, 2021
The COVID-19 pandemic has accelerated the shift towards digital and changed our online shopping behaviours, with more people now shopping online than ever before1. With this said, it is crucial that retailers keep up with consumers’ needs or risk being left behind.
KNOMO London urges shoppers to protect themselves from RFID fraud
Mar 10, 2021
Following the announcement that the contactless payment limit in the UK will rise to £100, London-based accessories brand KNOMO London is urging shoppers to take appropriate action to protect themselves from fraud.
Could stockless stores be the future of the high street?
Mar 10, 2021
By Alex MacPherson, Director of Consultancy and Account Management, Manhattan Associates.
We have all seen the headlines and plethora of statistics about the uptick in online shopping over the last twelve months.
A lack of one-click convenience and quick-pay options at the check-out is costing retailers conversions
Mar 09, 2021
Poor checkout experiences, including a lack of one-click or quick payment options, risks losing retailers hard won online conversions, the latest data from parcelLab, the leading operations experience platform, revealed.
Fashion & travel sectors boost online sales as lockdown end is planned
Mar 08, 2021
The latest online retail data from Salesfire has shown the travel and fashion sectors capitalised on sales in February following the announcement of a roadmap out of lockdown.
54% of small business owners in retail sector kept up at night over fears of Covid's impact, soaring above the national average
Mar 08, 2021
Schools may be going back and the UK may be bracing itself for the easing of Covid restrictions by 21 June, but the long tail of Covid is still causing the majority of business owners concern.
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.
