18-24-year-olds (44%) are more likely to be influenced to buy a product or service online if they’re given a personalised offer, compared to those aged over 55 (24%), research has revealed. However, while it’s been established that the younger generation is influenced by a more bespoke approach, a shocking 57% of all those surveyed agree that the offers they receive online are ‘mostly irrelevant’.
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.
Discover remains the most widely accepted card scheme worldwide
Dec 21, 2019
The influence of China on global card acceptance is shown by the fact that Discover is accepted at more outlets than Visa and Mastercard as a result of agreements with UnionPay and other schemes
International digital growth executive joins Panintelligence as chair.
Dec 21, 2019
Data visualisation, reporting and analytics software developer Panintelligence has appointed Howard Bell, a seasoned commercial and technology growth specialist, as chair.
Padded mailers witnessing healthy sales, buoyed by rapid expansion of e-commerce: FMI
Dec 16, 2019
In the backdrop of increasing demand for compact and cost-efficient protective packaging solutions, the growth outlook of global padded mailers market will remain positive during the forecast period (2019 - 2029). A new study projects healthy 5% CAGR for padded mailer sales during the period of projection.
Remembering to ‘speak human’ key to brands overcoming privacy concerns around voice
Dec 16, 2019
Giving your communication the human touch can play a crucial role in bridging the gap between data privacy and personalisation, new research by customer consultancy Quadrangle has found.
How can physical stores better digitise their in-store experiences?
Dec 16, 2019
A recent report by analysts at Retail Economics has predicted that half of all retail purchases will be made online by 2028. In the wake of this, it’s important that high street retailers take steps to remain competitive.
mPOS transaction values to exceed $1.9 trillion by 2024, fuelled by new use cases
Dec 16, 2019
A new report from Juniper Research has found that biometric authentication will be used to secure $2.5 trillion worth of mobile payment transactions by 2024, an increase of almost 1,000% on the $228 billion expected to be transacted through the method by the end of 2019.
Saving the world from plastic waste comes one step closer
Dec 16, 2019
Finnish startup Sulapac raised an exceptional €15 million to engine its scale-up and internationalisation. The funding enables further development and broadening of its recipe portfolio. The investors include the world’s leading luxury house Chanel and international media houses, all with valuable expertise to accelerate Sulapac’s expansion.
Digital natives bust stereotypes as high street stores maintain relevance
Dec 13, 2019
Zendesk, Inc. has announced that more than a third (39%) of British Gen Z consumers shopping with legacy brands would opt to go into a store to speak to staff in person versus using digital communication channels.
Research reveals that over three-quarters of consumers rely on online reviews to help them purchase products
Dec 13, 2019
More than three-quarters of UK shoppers (79 per cent) use peer review sources such as Amazon reviews and Trustpilot at least once before making a purchase decision, underlining the continued importance of word of mouth and the opinion of others for most consumers.
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.
