Salesforce, the CRM solutions provider, has announced new research from IDC that finds Salesforce and its ecosystem of partners will create 4.2 million new jobs and $1.2 trillion in new business revenues worldwide between 2019 and 2024. The research also finds Salesforce is driving massive gains for its partner ecosystem, which will see $5.80 in gains for every $1 Salesforce makes by 2024.
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.
UK consumers continue to abandon purchases due to a lack of convenient delivery options
Oct 29, 2019
According to new consumer research from Global Freight Solutions (GFS) and IMRG (the UK’s association for online retailers), 45% of consumers are still more likely to abandon their purchase due to a lack of convenient delivery options, not a lack of free options.
Forget about copying Amazon, retailers need to start focusing on ‘what Amazon can’t’
Oct 22, 2019
By Frank Lochbaum, Managing Partner at KPS.
When Simon Russell, director of operational development at John Lewis, used the phrase “what Amazon can’t” (WAC) at the Future Stores event, you could hear murmurs of agreement from the assembled retailers around the room.
Retail sales value fell in September: and retail’s white knight – e-commerce – suffered worst of all, says ParcelCompare
Oct 22, 2019
ONS retail sales figures reveal the amount UK shoppers spent fell -0.2% in September, and this time the new saviour of retail, online stores, fell even more dramatically, says ParcelCompare.
New Salesforce Research reveals that while brick-and-mortar stores remain relevant, digitally savvy Brits have an average of 2 shopping apps on their mobile devices
Oct 22, 2019
Salesforce, the CRM solutions provider, has released the third edition of its Connected Shoppers Report, which reveals that British and Irish shoppers are moving targets, jumping across physical and digital destinations as they browse, purchase and request service and support, with 4% of purchases occurring on emerging digital touchpoints that are completely separate from retailers’ and brands’ owned properties.
99% of UK’s top 100 fashion retailers stop marketing to their customers as soon as they have made an online purchase
Oct 22, 2019
99% of the UK’s top 100 fashion retailers are failing to provide customers with a personalised post-checkout experience by neglecting to send tailored shipping communications to their customer, meaning the majority are missing out on a vital marketing channel, according to parcelLab’s ‘UK E-Commerce Shipping Study 2020: Fashion Edition’.
Retailers and customers don’t see eye to eye on returns or in-store experiences
Oct 22, 2019
Retailers are not meeting customer expectations, and in many cases are missing on the fundamentals, according to a new 15,800 respondent global consumer study by Oracle Retail.
Brexit, staff costs and inaccurate data impacting profitability in wholesale businesses
Oct 22, 2019
A new survey commissioned by OGL Computer, among 255 managers of wholesalers and distributors in the UK, reveals that 88% are using multiple software systems, and seem unable to break away from manual processes in managing business operations despite over a quarter (27%) citing those manual processes to be ineffective in managing business operations. Nearly all (98%) of respondents still used some level of manual processes.
CommerceHub survey uncovers expanding product range is a top priority for UK retailers
Oct 22, 2019
CommerceHub presented key research findings at The Internet Retailing Conference on 10 October 2019 from its survey of 200 online retail decision makers and workers, uncovering their current mindset around using drop ship or marketplace models to cost-effectively expand product range.
SMEs must open up to the automation revolution or be left behind, say EACS
Oct 15, 2019
It has been a common trend that uptake in new technologies is slower amongst SMEs than that of major multinational companies, who have significantly more scale and resources.
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.
