Online retail sales in November will outstrip December this year, while Christmas Day will grow as an important shopping day in its own right, according to James and James Fulfilment (based in Ohio).
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.
Retailers are losing £1.6bn through delivery failure
Oct 09, 2018
IMRG’s Valuing Home Delivery Review 2018 revealed at eCommerce Expo and Technology for Marketing, now co-located with ad:tech London, shows that UK retailers, delivery partners and customers are losing £1.6bn by getting delivery wrong.
New Uberall research shows struggling UK department stores are missing out on high street customers due to online ‘invisibility’
Oct 01, 2018
Uberall, the Berlin-headquartered location marketing technology specialist, has announced the findings of its research into the accuracy of online location search results of the UK’s largest department stores.
HARMAN opens first experience store in Europe, creating a space where speed meets sound
Oct 01, 2018
HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for automotive, consumer and enterprise markets, has announced the opening of its first Experience Store in Europe.
How to supercharge the retail customer experience and revenue with RFID
Oct 01, 2018
By Alan Tamny, Global Product Management, Checkpoint Systems.
How can retailers maintain or even thrive in an environment in which brick and mortar sales and profits have become more challenging?
Over half of us prefer to shop with retailers who offer self-checkouts
Sep 25, 2018
Brits are increasingly turning towards retailers who offer self-service payment options, with over half of us (57%) opting to avoid human interaction during the retail experience, according to a new study.
Why a flexible not fixed identity is a must For fashion and beauty retailers
Sep 25, 2018
Most brands and businesses are trying to cope with the challenges caused by a digital world that never stands still, none more so than the fashion and beauty industries.
Retailers must plan for big November and Christmas Day sales
Sep 25, 2018
Online retail sales in November will outstrip December this year, while Christmas Day will grow as an important shopping day in its own right, according to James and James Fulfilment.
Parrots and carrots – is payment technology going too far, too fast?
Sep 25, 2018
By Ian Benn, Senior Vice-president, Ingenico.
This summer we saw two fun payment stories that caught my attention: pleasingly, one was about carrots and the other, parrots. Both bring a smile and a pause for thought about how rapid change in payment technologies affect behaviour.
Long lines and frozen checkout pages: Brits reveal their biggest ‘shopping stressors’
Sep 18, 2018
Long queues in store and freezing checkout pages are the UK’s biggest contributors to shopping stress.
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.
