Artificial Intelligence (AI) has undoubtedly become one of the biggest buzzwords of 2019 and its use within retail is only set to grow, not just for large market-leading retailers, but for retailers of all shapes and sizes across many sectors.
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.
Google research finds rising customer expectations of online retail
Sep 17, 2019
Google and Kantar have unveiled research into customer experience across online retailers, analysing 33,500 online shoppers across 17 countries (2,000 UK consumers). The research demonstrates the need for retailers to innovate and improve experience at an ever-increasing rate, as it shows overall experience improving while satisfaction plateaus.
72% of business data breaches came via unsecured wireless devices
Sep 17, 2019
UK businesses need to be more aware of the security vulnerabilities their wireless devices present, new research has revealed.
Enhancing the shopping experience requires retailers to adopt a personalisation strategy, according to Cohaesus
Sep 10, 2019
This comes after Cohaesus’ report into personalisation found that 72 per cent of consumers will only engage with retailers through personalised communication.
Armor’s Black Market report reveals latest hacker price list and shows cybercrime-as-a-service is thriving
Sep 10, 2019
Cloud security-as-a-service provider Armor has released its annual Black Market report which shows that cybercrime-as-a-service is thriving, with cybercriminals staying ahead of the game by offering a raft of new goods and services – and even aftersales support.
More than half of businesses identify easy access to their documentation as a priority, Kyocera finds
Sep 10, 2019
In a world where documentation and data dominate, 52% of organisations prioritise easy access to their information as a key objective. This insight was taken from How Lack of Document Storage Space Impacts Enterprises, the latest whitepaper from Kyocera Document Solutions Europe, one of the world’s leading document solutions companies.
Early adopters lead in ownership of VR headsets, smartwatches and smart speakers
Sep 03, 2019
Early adopters in various economies are dominating demand for leading-edge electronics devices, with these elite consumers owning 61 percent of all virtual reality (VR) headsets, 49 percent of all smartwatches and 43 percent of all smart speakers, according to a multinational survey conducted by IHS Markit.
No-deal Brexit could end UK 14-day returns and will slash EU shoppers’ rights, warns ParcelHero
Sep 03, 2019
A no-deal Brexit puts a question mark over online shoppers’ 14 day ‘cooling off’ period, and will immediately end protection for EU shoppers buying British goods. UK online traders face falling sales at home and abroad, warns international parcels expert.
How can retailers leapfrog the competition using low-code?
Sep 03, 2019
By Nick Pike, VP UK and Ireland, OutSystems.
Every month we hear yet another negative retail story and without a doubt this is an industry going through huge transformation. With changing consumer shopping habits there is enormous pressure on retailers – both online and offline – as they look at shifting their business models and digitising their business.
More than a third of retailers unprepared for the future
Aug 28, 2019
New research has found that a worrying number of retailers are not actively preparing for the future, with 35% admitting to having no business transformation strategy in place for the rise of digital technology and changing consumer habits.
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.
