A new global shipping report by BigCommerce,a leading ecommerce platform for fast-growing and established brands, reveals that almost three quarters (73%) of UK online shoppers have abandoned their cart because they did not like the shipping options available.
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.
The five key steps to delivering a seamless digital retail experience
Jul 16, 2019
By René Aerdts Chief Technologist – Global Consumer Goods, DXC Technology.
As a result of technically advanced e-commerce platforms such as Amazon, consumer expectation with regards to customised buying experiences and always-on services have skyrocketed.
How retail can evolve through IOT & industry 4.0
Jul 16, 2019
By Mike Jeffs, Chief Commercial Officer, Hark.
Organisations have a significant opportunity to leverage new technology to save on the bottom line. Whether its increasing efficiency, reducing waste or maximising yield. Technology facilitates that by simplifying the route to intelligent assets, or as I would describe to my relatives – giving machines and buildings a heartbeat.
Nearly three quarters of shoppers have abandoned online shopping carts due to shipping
Jul 09, 2019
A new global shipping report by BigCommerce, the ecommerce platform for fast-growing and established brands, reveals that almost three quarters (73%) of UK online shoppers have abandoned their cart because they did not like the shipping options available.
Have we reached cloud breaking point? Advanced report reveals concerns from businesses in cloud investment
Jul 09, 2019
The benefits of the cloud are not living up to the expectations of UK businesses according to a new report from Advanced.
Cyber attacks reach record levels as UK businesses are attacked every 50 seconds online
Jul 09, 2019
Analysis from Beaming, the business ISP, reveals that businesses in the UK were on the receiving end of 146,491 attempted cyber attacks each, on average, in the second quarter of 2019.
How can AI reveal the hidden side of demand?
Jul 02, 2019
By Raphaël Bertholet, VP R&D, Retail Software Division, Symphony RetailAI.
Historically, demand forecasting using traditional, manual methods has proven laborious and complex.
The high street is not dead: over half of EMEA consumers prefer shopping in physical stores
Jul 02, 2019
A new report launched by Blis, the real-world intelligence solutions provider, has found that innovation in bricks and mortar stores will breathe new life into the fragile status of the high street.
June 2019 edition of Manufacturing & Logistics IT
Jun 26, 2019
The June 2019 edition of Manufacturing & Logistics IT features a Special Technology Report on Demand Forecasting & Planning /S&OP
For this report, we spoke with experts from the vendor and analyst communities about recent trends and ongoing areas of development within the world of Demand Forecasting & Planning/S&OP solutions, and what users can potentially look forward to in the not too distant future.
Hand to mouth: Stock flow and fast fashion
Jun 26, 2019
Fast fashion retailers need to be just that, fast. Consumer loyalty towards brands in this area is driven by customers being able to buy and return items when they want them, how they want them and where they want them. While this flexibility is great for the shopper, it can be a nightmare for the retailer. The cost of surplus goods in the wrong place can be detrimental to the margins, especially if it results in a scandal surrounding stock removal.
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.
