Retail Technology Review spoke with leading vendors and analysts within the supply chain management arena about some of the current key talking points and areas of innovation within this fascinating and all-important technology landscape.
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 technology can adapt to shifting consumer needs with centralised data
Mar 29, 2021
The way consumers behave has shifted almost beyond recognition – and there are indications that the change could be permanent. Companies which were already operating on a technology-first basis have been able to adapt and thrive over the last year, while others are still playing catch-up and some have unfortunately not survived the transition – as evidenced by Debenhams and the Arcadia Group.
Bigging up data analytics...
Mar 29, 2021
Big data presents supply chain and warehouse managers with an unprecedented opportunity to acquire real-time visibility of goods in transit and part of inventory, writes SnapFulfil CEO, Tony Dobson.
Mobile payment tokenisation revenue to exceed $53 billion globally by 2025, as OEM pays & wallets drive adoption
Mar 29, 2021
A new study from Juniper Research has found that revenue from tokenisation provisioning and management in mobile payments will exceed $53 billion in 2025, from $18 billion in 2020.
Manufacturing & Logistics IT - March 2021 Edition
Mar 23, 2021
Welcome to the March 2021 edition of Manufacturing & Logistics IT. In this edition we feature a Special Technology Report looking in depth at the latest developments in the world of Supply Chain Management.
Also included is an in-depth look at manufacturing through the pandemic, based on a recent report by Make UK and Sage titled Digital Skills for a Digital Manufacturing Future.
Team players: online shoppers team up to reduce manufacturers’ prices
Mar 23, 2021
New apps are giving shoppers the power to buy direct from manufacturers and group together to reduce prices. C2M is a £4.33bn market that could drive the final nail into the High Street’s coffin, says ParcelHero.
Survey shows texting is vital for retailers marketing strategy in 2021
Mar 23, 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 12 April. For those without an online offering, this means welcoming back customers after months of uncertainty.
Online retailers facing cardboard packaging ‘double whammy’ of longer lead times and higher prices
Mar 23, 2021
A growing number of internet retailers are struggling to fulfil orders as a result of a shortage of cardboard packaging brought about by the boom in online sales during the pandemic.
Futureproofing logistics with flexible automation
Mar 23, 2021
In recent years, the rise of the term Industry 4.0 has brought automation into new areas of traditional production environments. However, warehousing and intralogistics has not been as upfront in its adoption of new automation technologies to enhance operations.
It's time to give DIY shoppers better in-store experiences – they deserve it
Mar 22, 2021
European home and DIY digital retailer ManoMano posted soaring 2020 sales recently, which is no biggie given that DIY has emerged as an undisputed winner in lockdown. What’s notable is the fact that the uptick has been driven by UK sales, which grew by 240% year on year to £105 million. It’s moot, though, because the UK DIY market has traditionally been driven by in-store sales.
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.
