On the 12th of April, retailers in England and Wales will breathe a collective sigh of relief as all non-essential shops hope to open up once again. After a turbulent year, the government’s plan to ease lockdown restrictions promises much-needed stability for retailers. However, the pandemic has led to marked changes in consumer behaviour, which retailers will need to adapt to.
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 businesses lose £37 billion every year through poor spending controls
Apr 06, 2021
Soldo, the European pay and spend automation platform, has unveiled a new Coleman Parkes study it commissioned which found that the UK economy loses around £37 billion a year through poor business spending controls.
Automation: Learning the secrets of uptime
Apr 06, 2021
By Will Carder, Automation Sales Engineer at Quadient.
Automation offers a route forward for hard-pressed e-fulfilment operations – particularly, when it comes to packaging processes. But how do you build in operational resilience? What are the secrets to maximising uptime?
Rebuilding the ‘forgotten’ frontline: Store associates say lack of communication creates the biggest challenge at work
Apr 05, 2021
As non-essential retail prepares to reopen, retail staff risk becoming a ‘forgotten frontline’, with store associates reporting a lack recognition and empowerment in their roles, the latest report from digital workplace solutions provider, YOOBIC, warns.
'Ever Given' refloated but global e-commerce will flounder amid delays, says ParcelHero
Mar 31, 2021
The international delivery expert ParcelHero says the refloating of the ‘Ever Given’ is welcome news, but the blockage of the vital Suez Canal will cost £4.35 billion and delay many Amazon and other e-commerce orders for weeks.
The one-stop shop advantage
Mar 31, 2021
Retail Technology Review spoke with Philip Jarrett, commercial director of Dakota Integrated Solutions, about the company’s focus on a one-stop shop data capture solutions service for customers in a variety of sectors, together with the company’s new focus on Voice-directed solutions provision.
Congratulations, you’ve just hired new brand ambassadors. They’re your delivery drivers
Mar 30, 2021
It’s not just video calls that boomed over the pandemic. Online sales have exploded with physical shopping being restricted and social contact curtailed.
Order errors costing retailers £951m per year
Mar 30, 2021
Almost half (47%) of online shoppers have received an order in error, a new survey conducted by Opinipoll on behalf of Breathe Technologies has revealed, potentially costing retailers £951m* each year in fulfilment.
Survey shows texting is vital for retailers marketing strategy in 2021
Mar 30, 2021
Popular non-essential retail shops are set to reopen in a few weeks, in line with rules for shoppers returning to the high-street easing on April 12. For those without an online offering, this means welcoming back customers after months of uncertainty.
Retail’s 2.2% sales rise is ‘dead cat bounce’, says ParcelHero
Mar 30, 2021
Figures released by the Office for National Statistics (ONS) show a slight rise of 2.2% in the value of retail sales against last month (February). This is just a bounce, though, as sales figures hit rock bottom, says the home delivery expert ParcelHero.
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.
