It’s no secret, the festive shopping frenzy is in full swing! Retailers are still competing to offer good deals and a bargain on the high street, following a 12% drop in the value of Black Friday sales this year compared to 2017
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.
Parcel senders must face up to their Christmas duties
Dec 18, 2018
The international parcel delivery comparison site ParcelHero is warning that there are hidden costs on Christmas gifts sent and received from outside the European Union (EU). It’s revealed its top Customs hacks that will stop Brits and their overseas friends and relations having to pay unexpected duties and tariffs on presents this year.
71% of retailers invest in AI to attract online shoppers this Christmas as in store sales drop to their lowest levels for a decade
Dec 18, 2018
With November reported to have the lowest shopper footfall since the 2008 recession and in store sales predicted to get worse in December, a new in-depth research study into how retailers are gearing up their online customer service this Christmas has found that nearly three quarters are investing in Artificial Intelligence in the call centre, driven by consumer demand and changing shopping habits - saving over 1 in 3 retailers £100,000 or more a year.
36% of UK retailers admit to destructive price blunders ahead of festive season
Dec 18, 2018
More than a third of retailers have damaged their profit margins due to errors and inaccuracies in product pricing, according to new research.
61% of Brits worry the high street will disappear in 10 years
Dec 11, 2018
New research by KIS Finance has revealed that consumers are worried the high street is going to be lost completely due to the current store closures in the news. From surveying 1,000 consumers in the UK, Brits Christmas shopping habits have also been uncovered.
Gen Z driving retail’s cashierless future
Dec 11, 2018
To borrow that famous quote from the great American author Mark Twain, reports of the death of the physical retail store have been greatly exaggerated.
Achieving retail’s Holy Grail: A 360-degree customer view
Dec 11, 2018
The UK retail sector is unforgiving. High street sales recently suffered their biggest drop in 20 years, while online sales growth was forecast to decline to single digits for the first time this year.
Three trends that will disrupt MEA’s supply chain industry in 2019
Dec 11, 2018
Thanks to customer expectations, the supply chain, and logistics industry have evolved significantly over the past few years. Brick and mortar processes of delivering goods and services are just not good enough. Hence, surfaces the need to deploy technologies that empower business to keep up with customers.
69 percent of retail managers find employee absence a problem over the festive period
Dec 11, 2018
With the Christmas rush now in full swing, 69 percent of managers in the retail industry are battling against the problem of unexpected employee absences rocketing during busy seasonal periods compared to a normal working week, reveals a new Censuswide survey on behalf of HR and payroll provider MHR.
December 2018 edition of Manufacturing & Logistics IT
Dec 11, 2018
The December 2018 edition of Manufacturing & Logistics IT features a Special Technology Report on Supply Chain Management.
For this report, we spoke with a number of leading spokespeople from the vendor and analyst communities about recent, current and possible future developments within the world of supply chain technology.
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.
