Brand is king – Less than one-third of Brits trust influencers for shopping recommendations New research from IRX reveals that the promotions, advertising and online and in-store experiences offered by brands have more of an impact than online influencer campaigns.
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.
Brand is king – Less than one-third of Brits trust influencers for shopping recommendations
Mar 06, 2019
How fake browser updates are being used to push ransomware and bank malware
Mar 05, 2019
By Thomas Owen, Head of Security at Memset. Many of these exploits require vulnerabilities in the browser or Operating System, ensuring the user’s browser and OS are up to date (and have automatic patches) and running a reputable antivirus product will protect you from the majority of these issues.
UK Boards of biggest firms must do more to be cyber aware
Mar 05, 2019
Boards at some of the UK’s biggest companies still don’t fully understand the potential impact of a cyber attack, according to a new report.
The Government’s Cyber Governance Health Check looks at the approach the UK’s FTSE 350 companies take for cyber security.
Smartphone adoption to drive ecommerce activities in Latin America to 2023, says GlobalData
Mar 05, 2019
The increasing availability of connected mobile devices such as smartphones and tablets are one of the main growth drivers for ecommerce activities globally.
B2B ecommerce lagging behind B2C for customer experience
Mar 05, 2019
Poor product visualisation is preventing almost a quarter of B2B customers from making purchases online, according to a new report by full-service e-commerce agency, PushON.
How to make international ecommerce transparent, efficient and cost-effective
Feb 26, 2019
Cross-border ecommerce provides organisations with, theoretically, a low-cost opportunity to break into new markets. Yet from the cost of air freight to the complexity of international returns plus consumer expectations for full disclosure of import tariffs at checkout, successful global ecommerce is significantly more complex than it might first appear. Johannes Panzer, Head of Industry Strategy for Ecommerce, Descartes, dives into the complexity behind making international ecommerce transparent, efficient and cost-effective.
Personalisation is the key for retailers to improve engagement with target demographics
Feb 26, 2019
The recent news that Asos has been named the retailer ‘best at communicating’ in a poll of UK university students, beating the likes of Nike, Topshop and Urban Outfitters, reflects the importance for retailers to ensure that they take a personalised approach to engaging with their customers.
Retailers must question if multi-seasonal sales are detrimental to their brand
Feb 26, 2019
By Richard Piper, Director at Webloyalty.
Over the past few years we have seen the rise of the savvy shopper. Two years ago, the number one driver of retailer choice was quality, followed by the range of products on offer.
What retail tech will be hot this year… are you betting your budget on the right trends?
Feb 26, 2019
Where are tech-savvy retailers investing their budgets this year? That’s the question on the lips of both retail budget holders and tech vendors.
Facebook tops UK SMEs’ list of most popular social media channels
Feb 26, 2019
Facebook has come out top of the list of the UK’s small to medium sized businesses’ most used social media channels, according to research from Close Brothers Asset Finance. With double the number of selections, the social media giant beat Twitter and LinkedIn into second and third place. Instagram and YouTube also scored well, with Pinterest receiving the fewest votes.
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.
