The lockdown has truly shed a light on how isolation, loneliness and exclusion can affect us so there is no better time than the present to incorporate immersive marketing tools into business strategies to provide a more inclusive and accessible service.
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.
Now is the time for businesses to make themselves more accessible and inclusive with immersive tech
Jun 01, 2020
IDTechEx: How is COVID-19 shaping the future mobility landscape?
Jun 01, 2020
During the COVID-19 outbreak, the automotive industry has been hit hard by shutdowns of factories and sales around the world. The pandemic has slowed down global car sales and is shifting consumer behaviours in travel. Over the long term, COVID-19 could have a lasting impact on the mobility landscape.
Horticultural industry looks to the future in the latest Covid-19 global impact survey
Jun 01, 2020
A new survey of grower associations, by the International Association of Horticultural Producers (AIPH) and FloraCulture International (FCI), reveals nearly three-quarters (71%) believe that most growers will soon recover after this crisis.
UK retailers turn to digital to survive pandemic
May 27, 2020
As a result of Covid-19, two-thirds (60%) [Q13:AY17] of UK retail companies are overhauling their business strategies, with almost half (42%) [Q12A:AY5] looking to invest in digital.
Instant messaging users to reach 4.3 billion in 2020, as new payment Services emerge
May 26, 2020
A new study from Juniper Research found that the number of instant messaging users will reach 4.3 billion in 2020, rising from 3.9 billion in 2019. This is a growth of 9% year-on-year, largely driven by an increased need for remote communication during the COVID-19 crisis.
British Safety Council launches COVID-19 Assurance Assessment Service
May 26, 2020
The British Safety Council has launched a new COVID-10 Assurance Assessment Service to support organisations returning to work.
UK small businesses accelerate transition to cashless during pandemic
May 26, 2020
UK SMEs are moving to accept card and contactless payments at an increasingly rapid rate as a result of the coronavirus crisis, according to findings by NatWest.
New report: Impacts to global e-commerce and fraud trends amid Coronavirus
May 26, 2020
Forter, the e-commerce fraud prevention solutions provider, has launched the May edition of its monthly COVID-19 Report, that reveals the impact of the current climate on consumer behaviour and fraud and abuse trends.
April’s retail sales figures will result in a cull of independent stores, warns ParcelHero
May 25, 2020
Office of National Statistics (ONS) retail sales estimates for April will result in the extinction of many much-loved stores, fears the UK home delivery specialist ParcelHero.
Why can’t CEOs find technical leaders?
May 20, 2020
In 2019, Deloitte’s Global Human Capital Trends report found that only 41 percent of C-level respondents believed that employees within their own organisations were ready to meet their leadership requirements.
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.
