With tighter coronavirus restrictions forcing increasing numbers of Christmas shoppers online this year, compliance authority Bureau Veritas is advising retailers and logistics firms to prepare for the extra health, safety and hygiene risks this rise in festive e-commerce sales will bring.
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.
New Covid ‘red alert’ plans: Britain’s couriers prepare once more for the front door to become the front line
Oct 13, 2020
At the height of the coronavirus national lockdown in March, the Government prioritised delivery drivers as key workers. Under the Government’s new three-stage ‘traffic light’ coronavirus alert plans – which could be introduced as early as Thursday – Britain’s delivery drivers are again bracing for the front door’s return to the front line in the battle against Covid.
Achieving an agile supply chain
Oct 12, 2020
Supply chain resilience has never been more important. Global markets are apt to change at a moment’s notice, often a result of dramatic shifts in consumer demand and availability of products – as can be seen most recently, in the restriction in component supply due to global lockdown. These sudden changes in demand can affect manufacturers in every sector.
Taking centre stage: The cloud and its role in the new ways of working
Oct 07, 2020
By Jay Litkey, EVP of Cloud Management.
In the wake of COVID-19, enabling remote work has required many IT teams to rapidly lean into cloud technologies to keep their businesses operating smoothly.
Wearable sensor industry worth US$2.5 billion in 2020, new IDTechEx study finds
Oct 07, 2020
The wearable sensor industry will be worth US$2.5 billion in 2020, having tripled in size since 2014. This comes despite the significant economic challenges presented by the COVID-19 pandemic, which has caused a reduction in the total revenue this year.
Retailers set for Christmas scramble as second wave of COVID-19 drives consumers online only
Oct 06, 2020
Online sales will be critical to retailers’ survival over the festive period, as the second-wave of COVID-19 measures hit, according to new research from logistics platform 7bridges and YouGov.
New research shows how COVID-19 has changed UK consumers’ payment habits
Oct 05, 2020
Survey shows that consumers have embraced contactless payments in a big way during the global pandemic.
A new survey of UK consumers indicates that COVID-19 has had a huge impact on the ways that people are paying for goods and services offline.
COVID was a surprise – Christmas should not be
Sep 30, 2020
Ian Hall, COO at Atheon Analytics, provider of the SKUtrak platform, shares 3 things to plan now, to maximise Christmas sales in grocery retail.
None of us foresaw COVID, and the impact it would have on panic buying. It feels like a lifetime ago that the shelves had no toilet roll and pasta. But you don’t have to be a retail expert to foresee an uplift in turkeys, alcohol, and mince pies this December.
Supply chains face ‘winter of chaos’ from no deal Brexit and second Covid-19 spike
Sep 29, 2020
Warnings from government this week of queues of 7,000 trucks in Kent and 48-hour delays at Dover, have sent shivers down the spines of logistics and supply chain managers operating to ‘just in time’ principles.
Researchers use tweets to Analyse supply chain issues
Sep 29, 2020
"The global supply chain has been significantly impacted by COVID-19," according to Michael Wilson, vice president of marketing and packaging at AFFLINK, the sales and marketing organisation for distributors in the US.
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.
