Manhattan Associates Inc. has announced the findings of a new study on Britain’s sustainable shopping habits in the lead-up to Christmas. At a time when consumer spending is typically high, the fallout from the cost-of-living crisis has revealed that low costs are trumping both sustainability considerations and convenient deliveries and returns...
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.
Just one-fifth of IT professionals say they fully understand how AI tools work
Dec 13, 2023
Despite artificial intelligence (AI) hitting new heights in 2023, only one-fifth (22%) of surveyed IT professionals can say they fully understand how AI tools work – according to new research from SolarWinds.
Crossword Cybersecurity Plc reveals 5 cyber admin fails still happening in 2023
Dec 13, 2023
Crossword Cybersecurity Plc, the cybersecurity solutions company focused on cyber strategy and risk, has announced the 5 cybersecurity areas that its global consulting team has consistently seen fall short in 2023, and which are placing companies at higher risk in 2024.
Highly competitive landscape for new POS software projects
Dec 13, 2023
Competition between vendors to provide POS software remains fierce, with more than 125 suppliers working with major retail and hospitality chains, according to Global POS Software 2023, the latest study from strategic research and consulting firm RBR Data Services, a division of Datos Insights.
Scientific researchers demand more than chat from AI, new research reveals
Dec 12, 2023
Some 57% of AI users are not fully satisfied with the tool they use, according to a new study by Iris.ai of over 500 corporate research professionals, aimed at assessing their use of AI in their research and the challenges they face in doing so.
Consolidate to accumulate
Dec 11, 2023
Pooling inventory to serve both fashion retail stores and e-commerce channels can create an engine for growth, with increased sales and higher margins. Darcy de Thierry, Managing Director of Ferag UK, explains how.
Consumers optimistic about 2024 financial outlook, as Paysafe research reveals shifts in spending and saving habits
Dec 11, 2023
After a challenging 2023, nearly half (49%) of consumers worldwide are confident that their financial situation will improve in the coming year.
This is according to new research from Paysafe, which reveals a consumer landscape characterised by a mix of optimism, caution, and a willingness to adapt spending habits.
AI Minister unveils guidance to upskill UK workers
Dec 06, 2023
The government has announced a new draft of guidance to support businesses to upskill their workers and unleash the potential of Artificial Intelligence to help boost productivity by enhancing workplace activity.
WatchGuard Threat Lab analysts release 2024 cybersecurity predictions
Dec 06, 2023
WatchGuard Technologies has released its 2024 Cybersecurity Predictions. WatchGuard’s latest annual batch of predictions covers the most prominent attacks and information security trends that the WatchGuard Threat Lab research team believes will emerge in 2024.
Supply chain optimisation through innovation and evolution
Dec 06, 2023
In the quest for supply chain optimisation, innovation emerges as a game-changer. It is all about leveraging modern technologies to make the supply chain more efficient, resilient, and sustainable. The integration of supply chain services is one such innovation, shifting the perspective from a tactical view to a strategy-led vision of a more interconnected world.
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.
