Seamless mobile connectivity can help prevent this from happening explains Colin Abrey of Nextivity.
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.
Instore and online retail services must play nicely together – lest iconic brands will disappear
May 28, 2019
ISV focus for Ergonomic Solutions
May 28, 2019
Retail Technology Review spoke with Colin Mackie, Chief Marketing Officer for Ergonomic Solutions, during the recently held Retail Expo at London’s Olympia.
Here, he discusses the background behind the launch of the company’s popular SpacePole Duo sled last year, together with the rationale behind the company’s new ISV initiative as part of its established Space Program channel network.
Too much choice and a lack of advice when shopping online is causing high-intent shoppers to abandon purchases, new research reveals
May 28, 2019
Too much choice and not enough product information online is causing high-intent consumers to abandon purchases, right at the moment they are ready to buy, a new report from iAdvize, the leading conversational commerce provider, warns.
Sub-par e-commerce conversion rates should no longer be seen as acceptable, says Conversity
May 28, 2019
Despite the ever-growing dominance of e-commerce as part of the overall retail sales mix, conversion rates across online channels remain a long way behind their in-store counterparts.
Men are spending more on the high street than ever before - new research from the Fashion Retail Academy
May 28, 2019
Better clothing designs for men, more styling options and an improved shopping experience are all helping to drive men’s fashion sales, according to research from the Fashion Retail Academy.
But the record online growth highlights the task ahead for bricks-and-mortar shops
May 28, 2019
Phil Mullis, Partner and Head of Retail and Wholesale at accountancy firm, Wilkins Kennedy, said: “These results show that any retailer out there without an online presence is severely harming their business.
Twelve months on and organisations are still not GDPR compliant, say 68 per cent of respondents to Infosecurity Europe poll
May 28, 2019
It’s almost one year on since GDPR came into force yet there appears to be a lack of confidence in its application according to the latest Twitter poll from Infosecurity Europe 2019 – Europe’s number one information security event. The majority of respondents to the poll (68 per cent) believe that organisations have not taken the EU General Data Protection Regulation (GDPR) seriously and are still not compliant.
Twitter and Facebook worst channels for retail customer experience, finds research by Eptica
May 28, 2019
Retailers are neglecting social media when it comes to customer service, and are not listening to consumers to drive customer experience improvements, according to the 2019 Eptica Digital Trust Study.
Retail isn’t dead – it’s cyclical
May 28, 2019
Empty shopping centres. Plummeting high street footfall. It is hard to imagine a worse time for retail. But is this really the case? Retail has reinvented itself in the past – more than once – and will do so again.
Returns Culture: How do you build it into your online business model?
May 20, 2019
By Jon White, MD at InXpress.
In the last few months, online retail giants ASOS and Amazon have made headlines for announcing that they may start blacklisting ‘serial returners’ from their websites.
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.
