Retail Technology Review spoke with Jamie Bourassa, Vice President, Edge Computing, Schneider Electric at the recent Retail Expo 2019 about the company’s EcoStruxure Ready edge computing architecture and what advantages it can bring to the retailer marketplace.
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.
Shippers demand efficiency and technology brings that – Cogoport president Flemming Frost
Jun 11, 2019
Digital practices and technology adoption are bringing greater productivity, effectiveness and profitability in the shipping and logistics industry, Cogoport president Flemming Frost told industry leaders at a major shipping conference in the Netherlands.
Sluggish growth highlights imperative for eCommerce innovation, says Tryzens
Jun 11, 2019
The latest figures from the British Retail Consortium (BRC) revealed the sharpest decline in retail sales since 1995 last month, sparking further fears for the UK retail industry. According to their figures, retail sales fell by 2.7 percent in total and like-for like in May, while online sales of non-food products grew at a rate of just 1.5% year on year, which the BRC and KPMG said was “an all-time low”.
Over half of consumers demand sustainable fashion
Jun 11, 2019
New research suggests over half (52%) of consumers in the UK and US want the fashion industry to become more sustainable, with calls for reduced packaging and fair pay for workers among their top demands. 29% of these consumers say they will pay more for sustainably-made versions of the same items.
Retailers losing £102 billion a year due to poor CX
Jun 04, 2019
Comment from Richard Davey, Head of Customer Success, Upland Rant & Rave.
Retailers have for a long time spoken about the value of customer feedback, but still too few are closing the loop with customers quickly enough when acting on negative comments.
Guide advises retailers on legal obligations to customers with hearing loss
Jun 04, 2019
A recently introduced guide details the legal obligations of retailers to make their premises accessible to those with hearing loss.
Cash-strapped retail professionals work longer hours but struggle to make ends meet
Jun 04, 2019
Brand new research from CV-Library, the UK independent job board, reveals that despite 63.9% of retail professionals working more hours than they’re contracted to, over two-thirds (67.6%) struggle to make ends meet at the end of each month.
How to lead in uncertain times
Jun 04, 2019
By Jeremy Snape, founder and managing director, Sporting Edge.
If the disruption and competitive threats to retailers from the likes of Amazon and discounters were not enough, there are also such issues as concerns as the impact of climate change and sustainability, possible supply chain market disruption from Brexit, and global trade.
Retail restructured and the rise of experience…retailers can’t afford to ignore these red-hot technology trends this summer
Jun 04, 2019
Retail trends come and go, but occasionally they shape the future of the industry for years to come. Frank Lochbaum Managing Partner at KPS, identifies three key retail trends this summer and explain why he thinks they’ll prove to be pivotal.
Instore and online retail services must play nicely together – lest iconic brands will disappear
May 28, 2019
Seamless mobile connectivity can help prevent this from happening explains Colin Abrey of Nextivity.
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.
