Online only retailers are snapping up failed high street brands – and shutting the door on physical retail. But while customers have moved online, there are still opportunities for traditional retailers – with the right approach and expertise.
James Hyde, CEO of James and James Fulfilment, explains how retailers can use outsourced fulfilment, delivery and returns as part of a multi-channel approach that gives customers what they want at home and in store.
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.
Pandemic drives permanent shift in consumer behaviour
Feb 10, 2021
Dakota interview with Amtico: Ruthlyn Dawkins, Purchasing Manager
Feb 10, 2021
Dakota Integrated Solutions spoke with Ruthlyn Dawkins, Purchasing Manager at Amtico, to find out how Dakota has worked with her and her Team as Amtico’s incumbent label and printing consumables supplier.
Amazon founder Jeff Bezos to Step Down as CEO
Feb 09, 2021
Amazon founder and CEO Jeff Bezos made headlines at the start of the second month of 2021 after announcing plans to step down this year to focus on new products and other initiatives. To fill in the big shoes he will leave behind is Andy Jassy, long-time CEO of Amazon Web Services.
New report estimates the amount of money being wasted on unproductive paid search advertising
Feb 09, 2021
A new research paper from Go Inspire Group has estimated the amount of money currently being wasted by British businesses on unproductive paid search. This waste stems from organisations not having a 360o view of the customer – a critical capability which enables the collection of all sources of customer data.
New Pay As You Grow facility will enable more flexible repayments on Bounce Back Loans for UK smaller businesses
Feb 09, 2021
The British Business Bank, the UK’s economic development bank, has announced further details of Pay As You Grow, which helps UK smaller businesses that have taken out a Covid-19 emergency Bounce Back Loan to manage their cashflow and have a better chance of getting back to growth.
Are we at risk of food fraud? Supply chains under strain in Covid-19
Feb 08, 2021
Liam Fassam, Head of School of Supply Chain and Logistics Management in Arden University’s Faculty of Business, shares his thoughts on how supply-chain management became the unsung hero of the Covid-19 pandemic response.
95% of FMCG retailers say inventory optimisation is top priority for 2021
Feb 08, 2021
Symphony RetailAI, the provider of integrated AI-enabled marketing, merchandising and supply chain solutions for FMCG retailers and manufacturers, has announced findings from its Category Planning & Assortment Optimisation Executive Survey, conducted in partnership with Incisiv.
Shutting out hackers as retailers harvest more data in the e-commerce boom
Feb 03, 2021
Retailers are handling increasing amounts of customer data as they bolster online operations. Lewis Johnstone, products and solutions specialist at Brother UK, outlines how firms can keep this data secure by shutting an overlooked back door into networks through insufficient print security.
AI can help retailers manage returns from the UK to Europe post-Brexit
Feb 03, 2021
By Sean Sherwin-Smith, General Manager for Post Purchase, HelloDone.
Against the odds, the UK secured a Brexit deal in the final days of the transition period with the European Union. Billed as a Christmas present to the nation, you might expect a rosy outlook for cross-border sales in 2021.
Supermarkets, the unsung heroes
Feb 02, 2021
Of all the many seismic changes that 2020 has precipitated, one that may have gone under the radar of most people is the impact of the pandemic on perceptions of the UK supermarket sector.
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.
