Frontline workers of essential foodservice operators in the US have received minimal ‘reward schemes’ for attending work amid the COVID-19 outbreak. These companies should be wary of what effects misjudgments like these could mean, says GlobalData.
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.
With fast-food visits down globally by 50%, why does maintaining employee relations matter, asks GlobalData
Apr 15, 2020
Examining the Different Management Positions in the Retail Industry
Apr 14, 2020
The retail industry is one that can often get a bad reputation. Let’s face it, working in a customer service based industry isn’t always easy, as it can be difficult to keep customers happy and satisfied.
Deliveroo and Morrisons’ partnership epitomises COVID’s acceleration of shopper habits, says GlobalData
Apr 14, 2020
Following the news that Morrisons is partnering with Deliveroo to launch a new rapid delivery scheme from 130 of its stores, Thomas Brereton, Retail Analyst at GlobalData, offers his view on the situation:
When the going gets tough, look to your most loyal customers
Apr 13, 2020
Even at the best of times, managing customer churn and cultivating a loyal customer base is a crucial aspect of successfully running any business. Now, amidst widespread panic-buying for basic amenities, the disparity between low churn and high churn sectors becomes more apparent than ever before. To simplify, low churn sectors tend to provide essential products or services where consumers have one exclusive relationship with a single supplier, while higher churn sectors are those where consumers tend to have multiple suppliers – think restaurants and clothing, for example.
Have you been ‘put on pause’ by Amazon?
Apr 08, 2020
By Tony Dobson, managing director, SnapFulfil.
In recent weeks Amazon has refocused its shipping efforts to essential items only - side-lining thousands of sellers who relied on the retail giant to fulfil and ship their orders.
Online retailers speed up delivery times to keep up with demand during COVID-19 lockdown
Apr 08, 2020
Online retailers and their carriers are delivering parcels almost 20% faster than usual, with the average delivery time reducing from 2.1 days to 1.7 days in the last two weeks, according to new internal data released from post-purchase experts parcelLab.
Two thirds of ‘Retail Winners’ identify real-time supply chain visibility as a strategic focus area
Apr 08, 2020
Symphony RetailAI, the provider of integrated AI-enabled marketing, merchandising and supply chain solutions for FMCG retailers and CPG manufacturers, has announced the findings of a new benchmark report, ‘The Retail Supply Chain: Designing New Ways to Satisfy Demand’.
Every Little Helps: Raising Contactless Payment limits can help fight the Covid-19 Coronavirus Pandemic
Apr 07, 2020
By Peter Lumsden, Ergonomic Solutions.
The advertising slogan ‘Every Little Helps’ is used by one of the UK’s leading supermarket chains and seems to have greater relevance than ever as we collectively fight the battle against the Covid-19 global pandemic.
New Ivalua study shows technology challenges are hindering procurement teams from achieving business objectives
Apr 07, 2020
Ivalua, provider of global spend management cloud solutions, has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. The study revealed the challenges procurement teams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.
Saudi Arabia turns to e-commerce during Covid-19 outbreak
Apr 07, 2020
Restrictions on movement and trade as a result of the Covid-19 pandemic have led to a significant shift in consumer behavior in Saudi Arabia, with locals increasingly turning to digital channels.
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.
