Shaping visitor experiences to maximise money spent. Driving in-store sales through smartphone notifications. Justifying premium mall rents with hard traffic data and lowering operating costs. These are just a few benefits of making shopping malls smart.
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.
The UK high street isn't dead
Feb 19, 2019
Contrary to recent headlines, the recent ONS figures highlight the UK high street is far from dead. In fact, the figures show that January 2019 has broadly returned to a strong growth rate of 4.2% – the highest since December 2016.
Brexit - What next for British business?
Feb 19, 2019
By John Perry, managing director at SCALA, provider of management services for the supply chain and logistics sector.
With EU negotiators seemingly ruling out the possibility of a second referendum, Labour demanding customs union membership, and Theresa May still doggedly pursuing her universally unpopular agreement, we seem to be hurtling ever-faster towards a no-deal Brexit.
Slow fashion? Shoppers shun cheaper clothes in favour of longer-lasting items
Feb 19, 2019
Concerns about sustainability and quality means that consumers are moving away from fast fashion and are more likely to invest in longer-lasting clothing, according to research by the Fashion Retail Academy.
Five steps the grocery industry can take to mitigate the impact of a no-deal Brexit
Feb 19, 2019
The UK grocery retail industry could lose up to £4.5bn revenue in the three months after Brexit if retailers are not prepared by 29 March, analysis from operational improvement specialist Newton has revealed.
The best things come in small packages for retail SMEs
Feb 19, 2019
By Matthew Robertson, Co-CEO, NetDespatch.
“Britain is a nation of shopkeepers,” is the famous phrase coined by economist Adam Smith to explain the desire of a commercial nation to secure ever-expanding markets for its wares.
Integrated technology playing critical part in transport planning as concerns around driver shortage continue to grow, says Paragon survey
Feb 12, 2019
Logistics operations are increasingly turning to integrated technology solutions to overcome a host of transport planning pressures, while at the same time the driver and general skills shortage continues to weigh on the supply chain sector.
UK businesses attacked online 280,000 times each by cybercriminals in 2018
Feb 12, 2019
UK businesses were subjected to 281,094 internet-borne cyberattacks each last year, according to analysis from Beaming, the business ISP.
Softest rise in IT vacancies for over two years in January
Feb 12, 2019
The latest Report on Jobs, published by KPMG and the REC, showed a further increase in demand for both permanent and temporary IT workers during January.
96,000 UK retailers failing to recognise value of effective pricing
Feb 12, 2019
Around 96,000* UK retailers are putting their business at risk by failing to grasp the importance of an effective pricing strategy.
The figure was published in a report by pricing and automation specialist, Omnia Retail, which questioned retail businesses on the scope and efficacy of their pricing processes.
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.
