The ongoing COVID-19 pandemic has brought about extreme, uncontrollable changes to our world. Stores are closed, many remain at home and strict social distancing measures are here for the long haul. Unsurprisingly, organisations across all sectors have taken a significant hit and the retail industry is no exception.
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.
We are stronger when we work together: eCommerce platform Kooomo sits down for Q&A with fashion brand Blauer USA
May 20, 2020
Online property market activity stats show impact of COVID-19 on European markets
May 20, 2020
The latest research by Spotahome, the international rental marketplace, has revealed online visits and engagement by homebuyers and tenants across 28 European nations has fallen by an average of just -0.4% monthly since November last year.
Essential supermarket workers face everyday suffering and managerial abuse – study
May 20, 2020
The coronavirus outbreak has highlighted how important essential supermarket workers are, but in reality, they are often among the most poorly paid and undervalued employees within our society.
COVID-19 Shopping and Delivery Trends: a diversified supply chain is key to survival and future growth
May 19, 2020
The world as we once knew it has transformed and consumers are experiencing rapid changes to the way they live, work and shop. To examine these changes, CommerceHub surveyed more than 1,500 consumers of various age groups to gauge consumer confidence and identify changing shopping patterns amid COVID-19 disruptions.
Blue Yonder research reveals dramatic shift in shoppers’ behaviour since COVID-19
May 19, 2020
New research from Blue Yonder highlights how shopping behaviour has changed globally since the COVID-19 pandemic started. Blue Yonder surveyed 6,000 European adult consumers in April and 1,000 US adult consumers in both March and April.
Footfall set to shift towards high streets when non-essential stores reopen, says GlobalData
May 18, 2020
As retailers begin to open UK stores from the beginning of June (at the earliest), they can expect to see a shift in footfall with consumers more willing to visit town centres as opposed to other shopping destinations, says GlobalData, the data and analytics company.
Connecting the supply chain blocks with WMS
May 18, 2020
What has struck me most about COVID-19 so far is the rapid business response to the crisis. Brands are switching up their game plan and capitalising on the e-commerce surge by going direct to consumer.
Store worker deaths show that retailers reopening must focus on staff safety, says GlobalData
May 13, 2020
The ONS has reported that men working as sales and retail assistants were found to have raised rates of death involving COVID-19.
A communication plan of action
May 13, 2020
The ongoing crisis has undoubtedly presented considerable challenges for the retail sector, yet for those organisations that are able to be agile and adapt in these challenging times there is an opportunity to prosper.
Top tips for updating your eCommerce platform
May 13, 2020
As the news that the UK government plans to begin re-opening some retail stores in June, many retailers were last night faced with the reality of another month of tough trading conditions.
But with this in mind, retailers have been, and continue to look at investing in and ramping up their online operations to ensure they have an effective platform that drives sales.
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.
