In the ever-evolving landscape of retail, businesses face an ongoing challenge: theft.Despite many retailers implementing additional security measures, the issue of stolen goods continues to plague the industry with beers and wine, health and beauty products, and baby formula being the most common stolen goods.
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 retailers must look to point of sale and display solutions to reduce retail theft in 2024
Jan 30, 2024
IT & security teams increasingly united against cyber threats but less than half have joint processes – Commvault
Jan 29, 2024
Commvault, provider of cyber resilience and data protection solutions for hybrid cloud organisations, has released a new report that found the traditional silos between ITOps and security teams are beginning to break down, as organisations realise the importance of increased collaboration to combat the onslaught of more sophisticated cyber attacks.
How retailers can navigate the returns dilemma in 2024 and embrace sustainability with advanced route planning
Jan 29, 2024
In fact, up until the last few years, this service has traditionally been enjoyed free of charge for the majority of online shoppers. However, due to an increased desire to reduce the cost impact on a retailer’s revenue, many retailers are now charging for returns.
How To Use Shopify Staff Roles And Permissions To Manage Your Growing Team
Jan 29, 2024
By Jeremy Landau, freelance writer.
It’s no secret that when your business begins to grow, you will need to add staff to accommodate the increased sales and other demands on store operations. This tends to become more complex as your business gets larger, and staff roles and responsibilities may need to be diversified and identified, so everyone knows what they should be doing.
New Storyblok shows brands are hindering global growth by failing to localise marketing
Jan 26, 2024
As new research reveals a significant amount of businesses are missing out on global opportunities by failing to go multilingual, enterprise CMS leader Storyblok has partnered with Lokalise, the AI-powered translation tool to enable brands to localise content faster and easier than ever before.
Supply chain resiliency: A key objective in challenging times
Jan 26, 2024
Scott Sutcliffe, Group Purchasing Director at McBride, the European manufacturer and supplier of Private Label and Contract Manufactured cleaning products, discusses supply chain resiliency and the implementation of robust sourcing strategies.
As device demand surges following post-Covid refresh delays, demand for Refurbished IT technologies is also on the rise
Jan 24, 2024
The trend of purchasing refurbished IT equipment is on the rise among MSPs. A significant majority of 84% have admitted to buying refurbished technology in the past, while about 30% are currently making such purchases.
Why choose phones with antibacterial surfaces?
Jan 23, 2024
In recent times, there has been a greater focus on hygiene in the workplace, likely spurred on by the COVID pandemic. While some germs are completely harmless, others can cause unpleasant illnesses. The chances of a germ surviving largely depends on the type of species, the surface where it is present, and other factors such as ambient temperature or solar radiation.
Expert reveals how to avoid getting scammed on TikTok Shop, amid concerns about fraudulent sellers
Jan 22, 2024
TikTok has become one of the biggest social media platforms in recent years, and the introduction of TikTok Shop has only increased this popularity due to its accessibility and affordability – but this does not come without risks.
Cost reduction, friendshoring, AI and regulation: the procurement megatrends for 2024
Jan 22, 2024
International procurement and supply chain management consultancy INVERTO, part of Boston Consulting Group, says that there are four megatrends that will dominate the procurement landscape in 2024
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.
