A recent survey byManhattan Associates Inc. and IHL Group has uncovered a strong correlation between omnichannel fulfilment maturity and margins.
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.
Manhattan Associates and IHL Group survey reveals the key to maximising omnichannel profits
Jan 21, 2020
Contextual commerce, loyalty, sustainability and payment preference will dominate eCommerce agendas in 2020, says Tryzens
Jan 21, 2020
2019 saw the retail sector continue to battle to keep ahead in an environment of rapid market, technological and consumer behaviour changes. Couple that with disrupted spending habits, both in terms of level of spend and the channels consumers prefer to buy through, as well as rising costs, the UK uncertainty surrounding Brexit, and increased international competition, it all added up to another challenging year for retailers.
From Brexit to omni-channel fulfilment – a year-in-review for online retail
Jan 20, 2020
By Joe Farrell, VP of international operations at PFS.
Amidst ongoing political turbulence and the continued transformation of the modern high street, 2019 was a challenging year for retail to say the least. Brexit uncertainty, combined with the growing customer demand for sustainability and superior levels of customer service, has put substantial pressure on embattled retailers.
More than two-thirds of consumers believe mobile technology delivers a better shopping experience, new report finds
Jan 20, 2020
A new State of Mobility in Retail Report by SOTI Inc., provider of mobile and IoT management solutions, reveals that 67.3% of consumers perceive mobile technology as the most effective way to provide a faster shopping experience.
Retail workers in career confidence crisis
Jan 17, 2020
Majority feel better about their appearance than they do their job prospects.The latest research from the UK’s leading independent job board, CV-Library, reveals that even though nearly two thirds (64.9%) of retail professionals feel confident about their appearance, less than half (42.1%) feel the same way about their career prospects.
Online spending partly rescues dismal December
Jan 17, 2020
ONS retail sales figures for December saw overall sales fall 0.6% against November. But a strong showing from department store web sales saved Christmas for many retailers says ParcelHero.
Increasing uncertainty is placing strain on UK business leaders
Jan 15, 2020
UK business leaders are struggling to cope with the pressures of a rapidly changing world. Increased competition, political uncertainty and facing greater scrutiny are all making it much tougher at the top - according to new research.
Capgemini report: Automation provides competitive advantage to retailers to bring customers back in store
Jan 14, 2020
As automation technology continues to mature, it is becoming increasingly a point of competitive advantage, with consumers responding positively to the improved convenience that it can deliver. However, in order to capitalize on this trend, retailers will need to prioritize automation that creates positive consumer experiences rather than as a cost saving exercise, according to new research from the Capgemini Research Institute.
The Equifax Breach and the Danger of Poor Data Security
Jan 09, 2020
By Patrick Vernon, freelance writer.
Equifax bragged about holding thousands of times more data than the Library of Congress. However, the “entirely preventable” Equifax data breach demonstrated that the company did not know how to properly protect that data.
Connecting the enterprise - Digital Transformation Technology report
Jan 08, 2020
Manufacturing & Logistics IT spoke to a number of experts from the vendor and analyst communities about current and possible future trends and areas of development within the world of Digital Transformation – including those concerning Artificial Intelligence, Analytics, Robotics, Cloud and Edge Computing.
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.
