Ivalua, provider of global spend management cloud solutions, has announced the findings of a worldwide survey of supply chain, procurement and finance business leaders, on the status of their digital transformations, the obstacles encountered and keys to success.
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.
Commissioned study reveals digital maturity in procurement is lagging behind perceived progress
May 07, 2019
PayPoint ATMs help over 2,000 retailers remove banking charges
May 07, 2019
PayPoint has released new figures showing that it has helped over 2,000 of its ATM customers remove banking charges in the past year, all with the help of its unique Net Settlement facility.
What social networks deliver greatest benefit to fashion ecommerce?
May 07, 2019
Fashion retailers understand that social media plays an important role in driving awareness, traffic and orders. However, given the complex shopping journey of today’s fashion consumer, it’s difficult to clearly identify the relative merits of different social networks – particularly as the networks themselves are continuing to evolve and introduce new features.
Global 3D Printing Market Report from IDTechEx Research: Technology and Market Analysis
May 07, 2019
IDTechEx Research has recently updated its series of reports on 3D printing, including the overview report 3D Printing 2019-2029: Technology and Market Analysis.
UK hit by more than 1,000 shoplifting incidents every day
Apr 30, 2019
The UK retail industry suffered from an average of 1,035 reported incidents of shoplifting every day in 2018, according to the latest analysis of UK Police data by loss prevention solutions provider, Checkpoint Systems.
Instagram struggling to deal with counterfeit luxury goods
Apr 30, 2019
The research from Ghost Data shows incredible detail. The research team scanned around four million Instagram posts, identifying more than 56,000 accounts involved in counterfeiting activities – more than double the 20,000 accounts the same group found in 2016.
Quartely update: 17 businesses removed or suspended from prompt payment code for failing to pay their suppliers on time
Apr 30, 2019
Action on companies who fail to meet the standard of the Prompt Payment Code (PPC) has seen 17 companies removed or suspended from the Code during the past quarter, the Chartered Institute of Credit Management (CICM) has announced.
No job, employer or regulator should take away workers’ health, safety and wellbeing
Apr 30, 2019
The World Day for Safety and Health at Work is celebrated annually on 28 April and led by the International Labour Organisation (ILO). It raises public awareness of the importance of health and safety at work, as well as the prevention of occupational accidents.
Adyen study shows the value of omnichannel shoppers for retailers
Apr 30, 2019
New data released by Adyen, the payments platform of choice for many leading companies, highlights the value of unified commerce to retailers. Its report The Unified Commerce Indexanalyses data across its global payments platform, which processed €159 billion in transactions in 2018.
One in three retail workers holding out for redundancy before switching careers
Apr 22, 2019
34% of retail workers in the UK are waiting to be made redundant before switching careers, according to a survey released by professional training provider Learning People.
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.
