The past few months have transformed the traditional idea of the shopping experience, with unprecedented levels of uncertainty and strict new guidelines forcing retailers to evolve rapidly.
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.
Nearly three-quarters of consumers expect online retailers and brands to use recyclable packaging
Jul 20, 2020
A new ‘conscious consumer’, more aware of the environmental impact of their purchases, has emerged from the coronavirus lockdown, a new research report by PFS and LiveArea, has found.
Face mask requirement is yet another blow for non-essential retailers, says GlobalData
Jul 14, 2020
Sofie Willmott, Lead Retail Analyst at GlobalData, the data and analytics company, offers her view on this news.
The great Android migration: How to take a systematic approach to modernising your warehouse operations
Jul 14, 2020
The modernisation of the warehouse is being driven by a confluence of factors. With the boom in e-commerce, warehouses are challenged to do everything better and faster. They are expected to meet increasing fulfillment demands and optimise efficiencies with streamlined workflows powered by smarter, data-driven insights.
Harnessing AI to protect workers from injury must be a priority as online shopping booms, says Stanley
Jul 14, 2020
An extraordinary rise in work related injuries to warehouse and delivery staff, as a result of the UK’s biggest spike in online retailing, poses a threat to economic recovery unless there’s an evolution in materials handling practices. That’s the prediction of Luton-based Stanley, which is advocating the use of artificial intelligence (AI) to protect workers.
Online retail sales continue to boom despite return of brick-and-mortar stores
Jul 14, 2020
Even as the high street came out of hibernation last month, June’s online retail sales spiked to a new twelve-year high of +33.9% Year-on-Year (YoY). That’s according to the latest IMRG Capgemini Online Retail Index, which tracks the online sales performance of over 200 retailers.
75% of UK retail workers have feared for their physical safety at work
Jul 14, 2020
Three quarters of UK retail workers have experienced a situation where they felt their physical safety was at risk at work, according to new research by retail communication specialist, VoCoVo.
Research: Promising year ahead for home interiors retailers, but consumers more selective about where they buy
Jul 13, 2020
New research has revealed millions of consumers are spending more money than usual on their homes as a result of lockdown, with 75 per cent of Brits planning further improvements over the next year.
Why brands and manufacturers shouldn’t ignore Direct-to-Consumer ecommerce
Jul 13, 2020
COVID-19 has hit all kinds of sectors hard and fast. Businesses struck in particular – such as travel, restaurants and pubs – have a long and hard road ahead of them which, for many organisations, may seem impossible.
UK consumer confidence improves three points
Jul 08, 2020
GfK has released its 4th COVID-19 flash report using data gathered between 18th and 26thJune. It shows the long-running Consumer Confidence Index has increased by three points over the past two weeks. Four measures increased and one measure decreased.
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.
