Retail footfall has dipped for the seventh month in a row in June, with overall footfall having slipped by 0.9 percent year-on-year, according to the latest figures published today by the British Retail Consortium and Springboard.
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.
BRC and Springboard footfall figures highlight need for retailers to deliver store of the future
Jul 17, 2018
The power of connectivity in retail
Jul 17, 2018
By Paul Crerand, director of solution consulting, office of the CTO, EMEA, MuleSoft.
Retailers have long understood that 'knowing the customer' is crucial for maintaining loyalty and standing apart from the competition. Today, in the age of Amazon, it's more critical than ever for retailers to access and leverage data to transform the customer experience.
Will smart voice assistants revolutionise our shopping behaviour?
Jul 11, 2018
"What's the weather going to be like tomorrow?" "Play a Rolling Stones song" "What meetings do I have today?" These are just some of the most common requests made to smart voice assistants such as Amazon Echo (Alexa) and Google Home.
It’s complicated: 55% of organisations struggle to keep up with new tech
Jul 11, 2018
In this world we can often say we have too much choice and not enough time. B2B decision-makers are finding much the same is true for them, with the influx of new technologies available to their businesses proving too much to keep up with.
GDPR is an Opportunity for Retailers to Better-Understand Customers
Jul 11, 2018
By Ashish Koul, President of Acqueon.
In 2017, UK consumer spending slumped to its lowest level in five years, making the fight for the customer an even more chaotic battle scene.
Google’s mobile speed algorithm update: is your online business ready?
Jul 11, 2018
Page speed really matters to web users, which is why Google has always taken it into account within its desktop search rankings. As from this month (July 2018), however, it will also be factored into Google's mobile search rankings as part of its new 'Speed Update'.
Why ERP is the key to unlocking the future of retail
Jul 11, 2018
Drop shipping has the potential to completely change the world of retail. However, as John Weber, Director of Business Development and Product Management at Aptean, explains, retailers need an effective ERP system to truly make the most of this new retail reality.
Retailers data only 75% accurate, warn industry specialists, while chatbots reveal most common customer enquiries to be about stock availability
Jul 11, 2018
Detailed analysis by retail tech specialists at Detego has confirmed that the average retailers data is only about seventy-five percent accurate when it comes to knowing exactly what inventory is actually in stock at any particular time.
Ensuring order visibility: How control towers can help retailers meet the customer promise
Jul 11, 2018
By Bobby Shome, Global Business Development Director, Centiro.
In today's competitive market, ensuring delivery success is more important than ever for retailers. Around the world, customer expectations about the standard of product delivery continue to rise, with those in the more mature ecommerce markets growing increasingly picky.
The future of the contact centre - genuine omni-channel engagement
Jul 01, 2018
By Joe Rabah, Managing Director for EMEA, RMG Networks.
We are all familiar with contact centres; they are the places we call when we feel unhappy with, confused or annoyed by a brand, or when we need information about a product or service.
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.
