Functioning APIs in eCommerce are crucial, if you’re working in eCommerce, you’ll be familiar with the term, it’s likely that you may not have a full comprehension of its meaning if you’re not a developer. This is according to global eCommerce platform, Kooomo, which outlines the purpose and vitality of APIs.
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.
Creating a robust data foundation for digital transformation
Aug 25, 2020
How many digital transformation strategies will ever extend beyond the boardroom? What, in effect, do they really entail? Digital transformation is being merged with the Internet of Things (IoT), Machine Learning, even Artificial Intelligence (AI) to create an unmanageable, unfocused concept of ‘doing things better’ without addressing the fundamental, underpinning essence of that change – the data.
10 tips for retail owners on how to 'COVID-proof' your store
Aug 25, 2020
The Government has allowed for reopening of stores since June 15th but until a vaccine is officially released, there is no post-COVID life, only one with it. With things constantly changing, Ian Wright, founder of Merchant Machine has compiled this guide with advice on running a store safely.
Store sales boom as online growth falters
Aug 24, 2020
There was plenty of good news for Britain’s beleaguered High Street retailers in July’s Office of National Statistics (ONS) retail figures, says the e-commerce delivery expert ParcelHero.
How COVID-19 has impacted global supply chains
Aug 24, 2020
By Nick Pike, Chief Revenue Officer, Vizibl
The impact of COVID-19 has been swift and devastating to those directly affected. Not just from a health perspective but also for businesses who had to promptly close their doors as the country went into lockdown, particularly those in hospitality and retail.
Taking control of the B2B supply chain
Aug 19, 2020
More and more links in the value chain — especially retailers and wholesalers — are being forced to reposition themselves under pressure from both existing, yet evolving competitors and fast paced challenger brands with innovative approaches to technology and disruptive business models. B2B supply chain approaches now play an important role in future success.
The importance of upgrading inventory management practices to deal with supply chain challenges in 2020 and beyond
Aug 19, 2020
Ecommerce businesses have had a tough time of late; firstly, there was the threat of a hard Brexit, and more recently the overwhelming impact of the coronavirus has been felt by all.
Five cyber security strategies your customers should know about
Aug 18, 2020
It’s often assumed that only large businesses are a prime target for the most severe cyber-attacks due to their higher net-worth, large turnover of employees and extensive customer database but actually, small businesses suffer from nearly 10,000 cyber-attacks every day.
Fashion victim: death of the changing room and the rising risk of returns fraud
Aug 18, 2020
High street fashion retail was undergoing immense upheaval even prior to the development of COVID-19. Increased online shopping and the growing success of online-only fashion brands like ASOS were transforming how consumers shopped for apparel.
94% of UK shoppers will walk from brands if they don’t agree with their response to COVID-19, Braze survey reveals
Aug 12, 2020
Almost all (94%) UK shoppers warn they’d switch from a brand or company if they didn’t agree with their response to employees or customers during the pandemic, new research from customer engagement platform Braze reveals.
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.
