Large security vendors with XDR offerings position their solution as integrating their own set of products which may include a couple of third-party products already part of their suite and providing a central screen or single pane of glass to be able to see all the data. But that raises some important questions:
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.
10 years of technology rolled into one: what will retail look like in 2021?
Jan 20, 2021
Boxing Day footfall fell by 57% in 2020. The footage of overnight queues that are normally a staple of end-of-year news reports were gone, replaced by shots of deserted high streets and sombre warnings of imminent lockdown. While it’s a bleak picture, it doesn’t necessarily paint a thousand words.
Online retail: showcasing digital assets for increased conversions
Jan 19, 2021
Shopping habits have changed completely over the past few decades and rapidly more so over the past few years. At the end of 2019, some retailers were still surviving with a basic, or even a zero, online presence. After nearly 12 months of Covid-19 even the most resilient of physical retailers are using digital assets such as images and videos to promote their wares, and investing increasingly in e-commerce development.
Retail employees fight back: Report shows rise In trade union memberships
Jan 19, 2021
The retail industry has seen the highest rise in trade union memberships across the UK, according to new research into the decline of trade unions.
New MERICS China Forecast Survey: Stability and self-reliance in China, entrenched competition with the US and a mixed bag for EU-China relations
Jan 15, 2021
How will Chinese domestic politics evolve in the year of the Chinese Communist Party’s (CCP) 100th anniversary? Which issues are keeping Beijing up at night, and which new trends will define Sino-European relations going forward? To shed some light on these issues, MERICS conducted a survey of some 170 European China experts and roughly 1,000 members of the wider international public in December and early January.
Changing shopping habits due to lockdown love
Jan 15, 2021
Bargain-hunting Brits have been saving cash while spicing up their love lives – with discount codes for adult toys hitting record highs during lockdown.The number of randy shoppers logging on to discount site NetVoucherCodes.co.uk to save cash on adult products was up by almost two thirds in 2020 compared with the previous year, according to new data.
The 30 most shocking retail fails of 2020 – who will be next?
Jan 15, 2021
2021 has kicked off with non-essential stores closed once again and more big-name retailers struggling for survival. The home delivery expert ParcelHero reveals the 30 biggest names to fall into receivership in 2020 and warns that, unless stores get to grip with e-commerce, this could be just the tip of the iceberg.
Mark of efficiency - Printing & Labelling Special Technology Report
Jan 12, 2021
Retail Technology Review Chief Editor, Ed Holden, spoke with leading analysts and vendors about the current state of play within the printing & labelling technology arena, what potential benefits are afforded to the user by ongoing technological development and what lies ahead.
Covering all bases for customers’ printing and labelling needs
Jan 11, 2021
Retail Technology Review spoke with Karen Peacock, head of print solutions, Dakota Integrated Solutions, about the company’s printing and labelling solutions offerings, together with its extensive customer support packages designed to help users remain fully operational, productive and profitable.
2021 will be about maximising the e-commerce experience
Jan 11, 2021
Warehouse management technology provider, SnapFulfil, is forecasting a new fulfilment year where companies still focused on retail locations and outlets will have to be nimble enough to grow e-commerce operations if they are to survive.
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.
