Are retailers overlooking a prime market? The over 50s age group contributes to 76% of the UK’s financial wealth and just under half of it is consumer spending.
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.
UK shoppers demand faster in-store payments that replicate ‘one-click’ transactions online
Apr 02, 2019
Speed and convenience prove key to enhancing customer experience around in-store payments, a new report from RetailEXPO reveals.
Retail Quality Report 2019: Global retailers still struggling with digital
Apr 02, 2019
Applause, the digital quality and crowdsourced testing solutions provider, has released the global findings of its annual Retail Quality Report. It shows that global retailers are failing to keep up with consumer expectations for optimised digital experiences.
34% of traffic and 28% of orders for large online fashion retail brands come directly from search and social
Apr 02, 2019
34% of traffic, 28% of orders and 26% of the total order value for large online fashion retailers comes directly from search and social sites including Google and Facebook, new global researchsuggests.
Gartner predicts top 10 global retailers will use real-time in-store pricing by 2025
Apr 02, 2019
Gartner, Inc. predicts that by 2025, the top 10 global retailers by revenue will leverage contextualised real-time pricing through mobile applications to manage and adjust in-store prices for customers.
New robotics: Shifting business models
Apr 02, 2019
IDTechEx Research analyses the changing trends in the robotics industry in its report New Robotics and Drones 2018-2038: Technologies, Forecasts, Players, as new and emerging firms challenge the norm.
ProGlove to unveil time-saving, ergonomic IoT wearable at ProMat 2019
Apr 02, 2019
Smart, wearable device sales are projected to double worldwide by 2022, according to industry analyst CCS Insight. While many might think of wearables as something for the consumer, one German startup is showing the tremendous potential of wearables to increase efficiency, safety and ease in the workplace on a larger scale. It is now expanding its presence in North America.
A climate-compatible alternative for tomorrow's mobility
Mar 26, 2019
AIT is exploring a sufficiency-based mobility vision: What would be the economic, societal and environmental effects of a mobility budget?
From preparation to implementation: How to fully adopt automation in 2019
Mar 26, 2019
By Joe Schreiber, Technical Director of Business Development, Tufin.
The past 12 months have seen a shift in how enterprises view automation and its benefits to their security and DevOps teams.
Stop saying ‘sorry, we’re out of stock’ –here’s how
Mar 26, 2019
By Samir Belkhayat, UK Director for Cegid.
“I adore this floral shirt, but you’ve run out of mediums!” Sadly, just because the world is moving to a new digitally-enhanced, joined-up retail model – namely omnichannel – it doesn’t mean stock-outs are a thing of the past. Retailers still struggle to have product in the right place, in the right quantities, at the right time, and they are losing sales and customers as a result.
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.
