The UK government welcomes the European Commission’s draft data adequacy decisions, which recognise the UK’s high data protection standards and set out that the UK should be found ‘adequate’.
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.
Why supply chains are today’s fastest growing cybersecurity threat
Feb 23, 2021
By Steph Charbonneau, Senior Director of Product Strategy, HelpSystems.
Business ecosystems have expanded over the years owing to the many benefits of diverse, interconnected supply chains, prompting organizations to pursue close, collaborative relationships with their suppliers.
A six-point checklist guaranteed to make your life under SCA better — and, yes, it’s coming
Feb 22, 2021
By Shagun Varshney, Senior Product Manager, Signifyd.
The sky is falling. The wolf is coming. And SCA will be enforced in the UK just as it is being enforced now across much of Europe.
Deadline for eBay item specifics mandates is imminent, says Optiseller
Feb 17, 2021
With less than a week until new eBay Item Specifics mandates come into force, e-commerce expert Optiseller is urging on-line retailers to take action to ensure their data complies with the new rules.
Modern point-of-sale software helps retailers enhance in-store shopping experience
Feb 17, 2021
Latest research finds a wide range of retailers have migrated to new POS solutions, while others are leveraging existing software to enable diverse customer journeys.
The role of IoT and data in keeping us safe and boosting the economy
Feb 17, 2021
With the UK going into its first financial recession since 2009 as a consequence of COVID-19, many businesses are struggling to stay alive in the current business climate.
Investment in digital technology set to deliver £232bn boost to UK economy by 2040
Feb 17, 2021
Investment in digital technology is set to increase UK GDP by £232bn (6.9%) in 2040, according to a major new study by Virgin Media Business and the Centre for Economics and Business Research (Cebr).
Consumer spending fell 16.3 per cent in January as lockdown measures took effect, yet online growth surged for many categories
Feb 15, 2021
Consumer spending declined 16.3 per cent year-on-year in January – the sharpest decline since May 2020 – as the retail, hospitality and travel sectors felt the full impact of national lockdown measures.
Luxury retail: Why a customer should love your packaging first, and then your product
Feb 15, 2021
More and more, brands are beginning to see the value of their packaging in influencing consumers’ purchasing decisions. But much less often do they understand the true potential of their outer and additional elements in driving brand engagement, increasing loyalty and enhancing the overall customer experience – and it’s by doing the latter, you can really make consumers fall in love with not only your products, but your brand and business too.
80% of businesses say ‘world of work has changed forever’
Feb 15, 2021
Four out of five businesses believe the workplace will never be the same again, according to a new report.
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.
