Latest research on the global EPOS market shows surge in activity as leading retailers refresh their point-of-sale technology
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.
Brexit bloodbath: Two thirds of shoppers expect high street price surge next year
Aug 21, 2018
Nearly two thirds of UK consumers (64 per cent) expect Brexit to trigger a surge in high street prices next year, according to new research.
The findings are contained in a new report published today from the Parliament Street think tank entitled Retail Revolution: Preparing the UK high street for Brexit, which includes polling of 1,000 UK shoppers.
Summer late payment epidemic hits majority of UK's small businesses
Aug 21, 2018
More than three in five small businesses (63%) are dealing with late payment issues - and the smallest businesses are those most at risk of dealing with non-payment - according to new research from Hitachi Capital Business Finance.
Reality check: Mobile Payments in Germany – could cashless and contactless become meaningless?
Aug 21, 2018
Instead of counting notes and coins or entering a PIN, smartphones have the potential to become a popular method of payment in Germany.
How many UK businesses are still not fully GDPR compliant?
Aug 21, 2018
Despite GDPR now being in full effect, new research has revealed how many businesses are still not fully GDPR compliant.
Brexit concerns loom large, despite businesses doing all they can to prepare
Aug 21, 2018
Fears over Brexit appear to be increasing businesses' perception of the risks in their supply chain, despite evidence suggesting many have taken steps to ready themselves for a post-Brexit environment, a new report has found.
Omnichannel retail experience is key to the survival of high street brands, say over half of UK shoppers
Aug 21, 2018
Over 52% of shoppers in the UK believe that retailers need to offer a more seamless experience between online and offline commerce to retain their custom.
Treating retailers like a consumer, not a distribution channel
Aug 21, 2018
By Paul Swaddle, Co-Founder, Pocket App.
We're all used to the idea that 'the customer is always right', when it comes to ensuring consumers are satisfied with your product – and it's a bit of wisdom has certainly carried over into the reviews-driven world of app stores. But it's worth remembering that this doesn't just apply to the end consumer.
Continuous investment and activity are key for staying ahead in the cyber arms race, says Databarracks
Aug 14, 2018
UK organisations are concerned about their abilities to keep pace with the persistent rise of new cyber security challenges. This follows new data from business continuity and disaster recovery provider, Databarracks, revealing only 56 per cent of UK firms believe they have sufficient cyber security skills in-house to deal with threats against their business.
The data advantage – why accessible analytics could be the key to retail success
Aug 14, 2018
By Mark Hinds, CEO of Polymatica.
UK retailers are feeling more pressure than ever before due to rising costs and increased competition, as such, they should be doing everything they can to remain competitive.
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.
