By Andrew Tavener, Head of Marketing at Descartes.
2020 was meant to be the year of ‘Brexit Preparation’. When the UK left the EU on January 1st 2020, firms involved in trade with the EU were set to spend 12 months on robust planning, maximising the 12 month Brexit transition period to understand the new trade and customs requirements.
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.
UK business ill-prepared for post-Brexit customs complexity
Sep 16, 2020
Personalisation is key to retail success, says Kooomo
Sep 16, 2020
Personalisation will be the key for retailers to create a compelling experience as shoppers settle into their new post-COVID-19 habits, with retailers needing to consider incorporating personalisation into their online and offline strategies as a priority. This is according to global eCommerce platform, Kooomo, which outlines that tailored experiences will be critical in responding to the growing demands and expectations of the modern consumer.
The secret formula for coming top in voice search
Sep 15, 2020
By PJ Scott, Director, Velocity Commerce.
By 2023, there will be an anticipated 8 billion digital assistants in circulation. With uses for everything from directions to settling debates, this latest avenue for the widespread adoption of AI into our day to day lives is succeeding due to one core principle, it delivers convenience.
Back to business: how can luxury retailers bounce back?
Sep 14, 2020
According to recent figures, high street footfall remains subdued in England, with those shoppers who are making it out, more likely to now shop with a purpose. This means that all retailers, especially non-essential retailers like the luxury sector, need to make every effort to be as ‘easy to do business with’ as possible. Craig Summers, UK Managing Director, Manhattan Associates, explores how this can be achieved.
Uncertain times call for certainty in your supply chain
Sep 08, 2020
In today’s uncertain environment, there are more factors than ever before that organisations need to consider when managing risk in their supply chains. Whether it’s mitigating the impact of COVID-19, the long-term effects of Brexit or the effects of global tariff changes, organisations need to have contingency plans in place.
Supply chain resilience demands flexible space strategies
Sep 08, 2020
In normal times, manufacturers and retailers would now be setting up the supply, warehousing and transport contracts to ensure the resilience of their supply and distribution chains against a series of ‘known unknowns’. A new Premier League season, Black Friday/Cyber Monday, Christmas, Valentine’s Day, Easter … even if their magnitude is uncertain, the timings, at least, are firmly in the diary.
Managing your business and Supply Chain COVID-19 responsibilities
Sep 07, 2020
When the easing of lockdown measures began in mid-May, many businesses began a journey to assess the Coronavirus risks that applied to their workplaces. To make sure their working environments were COVID Secure, they went on to develop additional physical and procedural measures.
Where Will Blockchain Be Most Significant?
Sep 07, 2020
It has become clear over the years that blockchain is a lot bigger than the cryptocurrencies for which it was initially designed. While cryptos have become progressively more relevant (arguably in 2020 in particular), blockchain technology appears to have nearly boundless potential to influence different parts of our world.......
Subscription services and automatic deliveries boost sales, says Kooomo
Sep 01, 2020
Subscription services and automatic deliveries are not new to the eCommerce space, but are set to continue growing, meaning any retailer with relevant products not implementing this into their customer experience are falling behind the competition.
Short-term anxiety around shopping in store continues to ease, EY’s latest Future Consumer Index reveals
Sep 01, 2020
UK consumers have grown more comfortable with returning to the shops, according to the latest EY Future Consumer Index, which finds comfort levels with traditional shopping behaviours – such as going to a shopping mall and trying on clothes or going to the grocery store – have all more than doubled since May.
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.
