By Richard Shakespeare, Opus Energy.
The supply chain has existed since the industrial revolution, and little has been done to streamline its processes, particularly in the last 50 years.
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.
Can blockchain bring the supply chain into the 21st century?
May 20, 2019
Flawed customer experiences cost British retailers £102 billion
May 20, 2019
New data released by Adyen, the payments platform provider, has revealed that flawed customer experiences cost British retailers up to £102 billion in lost sales each year.
Beyond the ‘Buy Now’ button: How brands can prepare for social commerce success
May 14, 2019
By Joe Farrell, Vice President of International Operations at PFS.
In today’s increasingly digital world, consumer expectations are growing. Technological and social advances have transformed the way customers interact with brands, and a rise in internet shopping has meant that customers now expect access to goods instantaneously.
ParcelHero says 24-hour round-the-clock deliveries are the future of e-commerce
May 14, 2019
Amazon’s $800 million investment in free next-day deliveries may be making headlines, but the home delivery expert ParelHero says same-day 24/7 deliveries are the future of e-commerce.
Brick-and-mortar retail in the EU: Highest 2019 growth in Romania and Lithuania
May 14, 2019
GfK anticipates nominal turnover growth of 2.0 percent in 2019 for brick-and-mortar retail in the 27 EU nations (excludes the UK). Romania (+7.0 percent) and Lithuania (+5.9 percent) are expected to have the highest growth rates. Growth is also forecasted for Spain (+2.4 percent) and France (+2.8 percent). These are some of the results from GfK's recently released 2019 European retail analysis, which is available free of charge.
Top retailers failing to capitalise on growing social media influence
May 14, 2019
An industry report has found that almost a fifth of leading UK e-retailers are missing out on potential sales due to a lack of connection with their customers’ extended social circles. These figures have worsened since a similar study was carried out 12 months beforehand.
Starting at the source: achieving a sustainable supply chain
May 14, 2019
By Alan Gunner, Business Development Director, Adjuno.
With the impact of our consumer society increasingly influencing purchasing behaviour, it is clear that there has been a shift in the need for sustainable supply chains.
UK SMEs expect not to get what they want from Brexit process
May 07, 2019
UK SME business owners have voiced their concern that what they want and what they are going to get from the Brexit process is going to be very different, according to the latest data from Close Brothers Asset Finance.
Retail brands failing to deliver on full circle sustainability
May 07, 2019
Sustainability-conscious brands place high importance on the raw materials used to create retail displays and packaging but neglect the end-of-life outcome, according to new research.
Beating the pack: How manufacturers can win in the IoT revolution
May 07, 2019
By Alex Guillen, Go-To-Market Manager, Insight UK.
It’s staggering to think that this year more consumer devices will be sold than there are people on earth – and, as time marches on, the democratisation of the Internet of Things (IoT) means in a few years virtually all of the devices sold will be internet connected.
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.
