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.
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.
Short-term anxiety around shopping in store continues to ease, EY’s latest Future Consumer Index reveals
Sep 01, 2020
UK logistics sector deal activity falls by 50% in second quarter of 2020, despite notable transactions
Sep 01, 2020
Further consolidation in the logistics market is expected, despite a significant fall in UK deal activity – the lowest level since Q1 2018.
Transaction volumes in the UK logistics industry have fallen by 50% in the second quarter of 2020, according to the latest report from national accountancy and business advisory firm BDO LLP.
Coronavirus phrases inspire new retail start-up businesses
Sep 01, 2020
The UK lockdown has seen an increase in new companies forming to meet the demands resulting from coronavirus, with ‘COVID-19’, ‘lockdown’ and ‘pandemic’ featuring heavily in the names of new businesses created since March. And retail accounts for 10 per cent of the lockdown-inspired business start-up sector, as businesses and entrepreneurs look to meet increased retail demand during the pandemic.
Eat Out to Help Out scheme set to attract 22 million people with local retailers benefitting from increased footfall, according to GlobalData
Sep 01, 2020
A total of 22 million people, representing 40.6% of UK consumers, have used or plan to use the government’s Eat Out to Help Out scheme, according to a survey by data and analytics company GlobalData.
Post-pandemic, consumers’ shopping habits will be changed forever
Sep 01, 2020
By Daniel Allin, Chief Commercial Officer, Diamond Logistics.
The strange sight of shoppers resembling medical professionals as they go about town in face masks is just the latest in a series of changes to our way of life that will have significant and lasting effects.
How electronic security can enhance workplace safety during the pandemic
Sep 01, 2020
If you are reviewing your safety measures to protect staff from COVID-19, no doubt you will already have put in place the more basic measures, such as extra cleaning, sanitation stations, 2m distance markings etc. However, you may not have considered using your security systems to assist in this. These systems are often multi-functional and may be leveraged to reinforce COVID-19 workplace policies and mitigate health, safety and security risks.
Lockdown spike in DIY activity: The logistics sector responds
Aug 25, 2020
The UK’s Office of National Statistics (ONS) figures show that in April this year, 30% of retail sales in the UK were conducted online.
This figure compares with just 18% in the same month last year and 21% at the Black Friday/Christmas peak in 2019. By the end of April online sales across Europe, within the home and leisure sector, in which Dachser DIY-Logistics covers, were at a level more than double than experienced at the start of last year.
Decoding API: Simply explained and why they are vital for eCommerce
Aug 25, 2020
Functioning APIs in eCommerce are crucial, if you’re working in eCommerce, you’ll be familiar with the term, it’s likely that you may not have a full comprehension of its meaning if you’re not a developer. This is according to global eCommerce platform, Kooomo, which outlines the purpose and vitality of APIs.
Creating a robust data foundation for digital transformation
Aug 25, 2020
How many digital transformation strategies will ever extend beyond the boardroom? What, in effect, do they really entail? Digital transformation is being merged with the Internet of Things (IoT), Machine Learning, even Artificial Intelligence (AI) to create an unmanageable, unfocused concept of ‘doing things better’ without addressing the fundamental, underpinning essence of that change – the data.
10 tips for retail owners on how to 'COVID-proof' your store
Aug 25, 2020
The Government has allowed for reopening of stores since June 15th but until a vaccine is officially released, there is no post-COVID life, only one with it. With things constantly changing, Ian Wright, founder of Merchant Machine has compiled this guide with advice on running a store safely.
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.
