A study by FactFinder shows the importance of AI in European e-commerce in 2023. In the areas of search, merchandising and personalisation, the use of the new technology leads to the largest increases in sales for webshops on average.
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.
Autumn Statement is a ‘bad news sandwich’ for small businesses and retailers, says ParcelHero.
Nov 28, 2023
There were slices of good news for Britain’s retailers and SMEs in today’s Autumn Statement, says the home delivery expert ParcelHero. However, there was also a filling of bad news on the overall economy and lack of business rates reform.
Christmas 2023 consumer trend predictions
Nov 27, 2023
Dee Set Group CEO, Greg Phillips, shares valuable retail insight as we continue through Q4.Families may have less to spend this Christmas than previous years, but that won’t affect the amount of people having turkey dinners. You could argue that more people will eat out less so they can save money to make Christmas special at home.
Retail Fleet: Choosing the Perfect New Cars for Your Business
Nov 23, 2023
By Jeremy Harris, freelance writer.
In today's fast-paced retail landscape, staying ahead of the competition requires more than just offering quality products and excellent customer service. Your choice of vehicles for your retail fleet can make a significant impact on your business's efficiency, cost-effectiveness, and overall image.
Applause survey finds 73% of UK shoppers plan to change festive spending habits due to inflation and cost of living
Nov 21, 2023
Applause, a provider of testing and digital quality solutions, has announced the 2023 results of its fourth annual global survey on festive shopping trends.The survey found that consumers are exhausted after a year of high inflation with 51% of UK shoppers stating price is the most important consideration when making online purchases.
The dark side of the boom – the rise of e-commerce consumer fraud
Nov 21, 2023
Over a third of all internet shoppers (40%) committed fraud within the past 12 months.
This is one of the shocking central findings of new research commissioned by fraud prevention provider Ravelin, exploring the attitudes, motivations, values, and backgrounds of a growing number of consumers who are turning to e-commerce crime.
Walmart named among social media's favorite stocks to invest in, new study finds
Nov 21, 2023
Disney is the most talked about stock on social media, new research has revealed.The entertainment giant has the highest number of videos published and viewed, and the most hashtags used across TikTok and Instagram.
Resilinc announces top 30 most resilient suppliers in the high-tech industry for 2023
Nov 20, 2023
Resilinc, the supply chain mapping, disruption sensing, and resiliency analytics company, has announced the Top 30 companies in the high-tech supply chain with the best risk and resiliency programs. These 30 companies were selected based on their Resilinc R Score.
With rise in Black Friday/Cyber Monday online shoppers hunting for a bargain before Christmas comes increased opportunities for cybercriminals
Nov 20, 2023
Personal finance experts at Wealth of Geeks are warning shoppers who rush to grab the best deals to be extra vigilant of circulating scams that appear year on year.
Act now or get left behind: IT leaders urge businesses to take action on GenAI
Nov 20, 2023
As organisations rapidly adopt mainstream Generative AI tools, a new report from Europe’s largest dedicated Google Cloud-only partners Appsbroker and CTS finds that an almost unanimous 99% (100%) of IT leaders believe GenAI could positively impact their businesses.
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.
