UK firms are investing in digital infrastructure to boost their productivity in the wake of the Covid-19 pandemic, according to research from Brother UK, the business technology solutions provider.
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.
PayDelay: Pandemic signals the end of the payday splurge, with money-conscious Brits now buying big at the end of each month
Oct 27, 2020
Openpay, the UK’s latest next-generation, interest-free payment solution, has found that due to the pandemic, Brits now shun the payday treat - with nearly half (46%) now waiting until the end of the month to treat themselves after assessing finances. Almost two fifths (38%) said that the pandemic had permanently changed their outlook on spending.
Global supply chain activity surges to pre-pandemic levels In Q3, but cash crunch leaves suppliers vulnerable
Oct 27, 2020
The number of purchase orders and invoices exchanged across global supply chains rose by 15% in Q3 after falling by a similar margin in Q2, the latest Index of Global Trade Health from Tradeshift can reveal.
Online sales growth begins to normalise despite reimposed restrictions
Oct 21, 2020
As lockdown restrictions were reintroduced throughout September, online sales returned to patterns that would be expected this time of year.
Retail’s covid response: 71% of frontline retail workers say employers have taken the right actions to keep colleagues and customers safe
Oct 21, 2020
Retailers’ efforts to keep employees and customers safe during the covid-19 pandemic have been recognised by frontline retail workers, the latest research from Axonify, the modern training and communication solution for frontline associates, reveals.
Enough is enough: A third of customers would ditch companies after just one poor experience, research shows
Oct 20, 2020
A third of UK customers would ditch companies after just one poor experience, according to research conducted by analytics company, SAS.
Cashfree payments set to drive small business recovery in the retail sector, Tyl by NatWest data reveals
Oct 20, 2020
More than a quarter, (24%) of British SME retailers have reported that all payments made to their business are already contactless as the sector adjusts to the rapid increase in e-commerce and online transactions, accelerated by the pandemic.
Organisations are never the same after being hit by ransomware, according to Sophos Global Survey
Oct 20, 2020
Sophos, the next-generation cybersecurity solutions provider, has announced the findings of its global survey, ‘Cybersecurity: The Human Challenge’, which reveals that organisations are never the same after being hit by ransomware.
Nearly a half of consumers will turn to Amazon for their Christmas shopping this year
Oct 19, 2020
With consumer behaviour drastically changing as a result of Covid-19, just under a half of UK shoppers (44%) plan to complete their Christmas shopping online this year – with a majority (42%) looking to turn to Amazon first. This is according to newly released findings from Episerver, the customer-centric digital experience company.
COVID-19 drives five retail supply chain trends
Oct 19, 2020
The business disruption caused by COVID-19 has resulted in four out of five (82%) retailers changing their approach to stock management and is driving five retail supply chain trends.
This is according to a new report from logistics company Advanced Supply Chain Group (ASCG), which shows how the pandemic has caused stock management issues for 92% of retailers.
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.
