Analysts predict that 30% of global retail sales will be made through ecommerce channels by 2024, according to global ecommerce insights business Edge by Ascential at Retail Week’s Tech. festival.
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.
Retailers forced to get smart in fight against crime - attacks costing the sector over £900 million
Oct 08, 2019
Shocking new figures show that attacks on retail workers in the UK are on the rise, with over 42,000 violent incidents recorded in the last year. These attacks are costing retailers a staggering £900 million.
As high street shops close, retailers also fail to control online customer churn
Oct 08, 2019
A recent survey of 500 retailers sponsored by Eggplant, the digital experience specialist, revealed the pressures facing online digital teams in advance of busy retail season.
How 5G will revolutionise retail payments
Oct 08, 2019
Retail has increasingly become a mobile function to meet the needs of a constantly on-the-go consumer base, especially with the rise in popularity of mobile E- wallets. The introduction of 5G will only enhance innovations in retail technology and in turn, benefit the consumer.
Email and postal mail combination doubles abandoned basket reactivation – reveals latest study from Go Inspire Group
Oct 08, 2019
Go Inspire Group have just launched a revealing new report providing evidence that the combination of email and postal mail can double reactivation of abandoned baskets compared to email reactivation activity alone.
SUZOHAPP appoints Simon James as New Executive Vice President of Retail & Transportation, EMEA
Oct 04, 2019
SUZOHAPP is pleased to announce the appointment of Simon James as its new Executive Vice President of Retail & Transportation.Simon joined SUZOHAPP as Managing Director (MD) of the United Kingdom & Ireland, on September 1, 2018 and has made a very positive impact on our business there in a year's time.
Are Concept Stores Keeping Physical Stores Alive?
Oct 02, 2019
It’s no secret that physical high street stores are struggling to survive. As online shopping continues to rise, the number of physical stores being closed down is also growing at an alarming rate. This has led to a lot of concern over how long physical stores can last in this new digital era.
E-commerce driving retailer investment in Point of Sale solutions, according to VDC Research
Oct 01, 2019
The growth of e-commerce is transforming the retail landscape, magnifying the importance of the customer experience in order to build consumer loyalty.
32% of online retailers are not ready for the Golden Quarter
Oct 01, 2019
The Golden Sales Quarter (October - December) for retailers is fast approaching, but many retail businesses are not fully prepared for the accompanying onset of increased website traffic this usually brings, according to new research.
3 Ways suppliers can get their voice heard
Oct 01, 2019
Ian Hall, COO, Atheon Analytics, outlines three key steps that will help suppliers of all sizes be heard in front of retailers.
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.
