Poorly-targeted and unrelated marketing materials are driving customers away from their favourite brands, according to new research by AI marketing experts Emarsys.
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.
Young fraud victims on the rise: new data reveals 24% rise in under-21s falling victim to identity fraud
Oct 15, 2018
Cifas, the UK fraud prevention service, has released startling new figures showing a marked increase in the number young people falling victim to identity fraud.
‘Replace mobile hardware spend with mobile apps and BYOD.’ suggests Thumbtel’s CEO
Oct 15, 2018
With government departments and local authorities facing ongoing pressure to reduce spending, Bring Your Own Device (BYOD) is offering a solution for IT and telecoms departments in public sector organisations to replace capital expenditure on mobile devices with intelligent apps that staff can use on personal mobile phones, confirms Andy Munarriz, founder and CEO of Thumbtel.
Understaffing and outdated tech become barriers for UK retail workers
Oct 15, 2018
Over half (53%) of UK retail staff feel unable to provide good levels of customer service as a result of understaffing, a survey by retail IT consultancy and technology firm REPL Group has revealed.
Black Friday 2018: Consumers are eager, more digital, and willing to spend – Periscope By McKinsey
Oct 15, 2018
Periscope By McKinsey, which offers a suite of Marketing & Sales Analytics Solutions to help companies achieve sustainable revenue growth, has announced the findings of research on consumer sentiment towards Black Friday 2018.
‘Six years to save the Great British high street’
Oct 15, 2018
Retailers failing to engage in digital transformation won’t be operating by 2024, according to 90% of senior decision makers within the retail industry. A quarter believe that retailers steadfastly clinging to more traditional ways of doing business won’t exist three years from now.
Retailers need to outsource digital application to help weather a tough retail climate and improve the bottom line
Oct 15, 2018
By Wayne Munday, Non-Executive Director, Rokk Media.
The Retail climate is proving increasingly challenging for bricks-and-mortar stores of all sizes, with many major brands and familiar high-street names announcing profit warnings, job cuts and even store closures.
69% of consumers believe technology will help build stronger relationships with retailers, says research
Oct 09, 2018
As the general population becomes more and more accustomed to technology pervading every aspect of their daily lives, new research by retail technology expert Conversityhas revealed that almost seven in ten (69 per cent) of consumers – rising to 86 per cent amongst the millennial generation – believe that technology will be a powerful tool in helping retailers build stronger relationships with their customers.
New Cielo study finds companies dramatically shifting strategies to compete for talent
Oct 09, 2018
A global survey of over 1,000 HR, Business, and Procurement professionals has revealed that the competition for talent is causing major shifts in corporate strategy, as well as significant disagreements among business functions regarding their companies’ approaches to finding, recruiting, interviewing, and hiring new employees.
Emergency lighting: the overlooked necessity
Oct 09, 2018
By Richard Turner, Specification Luminaires Business Unit Director at Sylvania
Maintaining emergency lighting is vital to the provision of a safe working environment. The critical nature of its use demands that it is reliable, fit for purpose and compliant with the required standards.
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.
