CEP service providers face major challenges. Firstly, they have to cope with the high volume of orders, which – driven by e-commerce – is constantly increasing.
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.
Planned changes to VAT will result in higher costs and less choice for online shoppers, warns ParcelHero
Jul 28, 2020
UK shoppers should make the most of international marketplace bargains on Amazon Prime Day on 5 October, says ParcelHero. A new Government policy paper deals a double-whammy to overseas purchases from 1 January: post-Brexit Brits will pay 20% VAT on all international online purchases while overseas sellers will have to register for UK VAT.
Retail sales claw back to normal levels, but ParcelHero warns stores not to celebrate yet: 31.8% of those sales were made online
Jul 28, 2020
The Office of National Statistics (ONS) retail sales figures for June showed sales soared by over 13% compared to May, to reach near-normal levels. Indeed, with fuel sales excluded, they actually beat June 2019’s figures by 1.5%.
Combatting empty shelf syndrome: Keeping grocery shelves stocked in the midst of crisis
Jul 27, 2020
Businesses across every industry have faced unparalleled disruption to their operations as a result of the coronavirus pandemic. In the retail sector, we saw shelves across the globe being repeatedly stripped bare during the early days of the crisis, as supply chains that simply weren’t geared-up to deal with such sudden and dramatic changes in buying behaviour struggled to keep up during the first stages of the crisis.
Digital technologies major cause for sweeping transformation across industries, says GlobalData
Jul 27, 2020
Digital technologies are increasingly exerting pressure on incumbents across industries to fundamentally reconsider their business models while giving rise to smaller, agile players that are enabling innovation and disruption in many aspects of the business, says GlobalData, the data and analytics company.
Drop ship: a new strategic weapon for retailers and brands
Jul 22, 2020
Retailers can utilise drop shipping (the shipment of goods from a manufacturer or wholesaler, directly to a customer on behalf of the retailer) as a strategic weapon against short-term shock waves such as COVID-19 and as a means of more permanently extending their digital business.
We cannot ignore the impact bad audio is having on our emotional wellbeing
Jul 22, 2020
Events in 2020 have catalyzed the global workforce and remote working has fast become the norm, blurring the lines between home and work.
Research from EPOS has found that 95% of today’s workforce admit that their concentration and efficiency at work has suffered due to audio setbacks, resulting in an emotional impact for with 35% reporting feelings of frustration, irritation and annoyance due to bad audio.
Gift card industry launches campaign to drive £2.3 billion high street recovery
Jul 21, 2020
The gift card and voucher industry, led by the Gift Card & Voucher Association (GCVA), has urged the government to raise the tax free gift card limit to £500, which could bring the high street an estimated spending boost of more than £2 billion*.
Four in 10 retail professionals have struggled with their mental health in recent months, but majority feel supported by their employer
Jul 21, 2020
According to brand new research from CV-Library, the UK-based independent job board, nearly four in 10 (38.6%) retail professionals admit that they have struggled with their mental health over the past three months; and job security appears to be the biggest concern for working professionals.
The value of global trade insights in navigating COVID-19 supply chain disruptions
Jul 21, 2020
The Coronavirus pandemic has exposed the fragility of the modern supply chain, as companies struggle to acquire the products and raw materials needed to keep revenue flowing. With many businesses relying heavily on a limited number of trading partners, many located in hard-hit areas like China, the scale of the supply chain disruption has been a wake-up call.
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.
