Manufacturing & Logistics IT spoke with a number of leading spokespeople from the vendor and analyst communities about recent, current and possible future developments within the world of automatic identification & data capture and mobile computing 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.
New property leasing approach proposed to target UK retail troubles
Jun 26, 2018
A radical approach to property leasing is being proposed to help shopping environments throughout the UK.
Recent closures 'not the death knell sounded for retailers' says Sally Green, The Retail Hive.
Jun 26, 2018
Against the back drop of Amazon and digital disruptors, do retailers stand a chance? This year we've seen a spate of high profile brands facing difficulties, including, most recently, House of Fraser and Poundworld.
Retailers must embrace change
Jun 19, 2018
Another day, another high street stalwart announces store closure. Coming hard on the heels of M&S cutting 27 stores, now House of Fraser is set to close 31 of its 59 stores and Poundworld is calling in the administrators. Added to the list of recent failures, including Maplin and Toys 'R' Us, plus the sale of Homebase for £1, claims that 2018 will be the worst year for retail news since the recession in 2007, do not look in any sense far-fetched.
Machine learning and the supply chain
Jun 19, 2018
Retail success is now directly related to the speed with which businesses innovate. As a result, the 'typical' retail employee is changing, with retail technology teams larger – and younger – than ever before.
Retail technologies are ‘stressing out’ shoppers
Jun 19, 2018
A fifth of US consumers (21%) find that going shopping makes them feel stressed, while more than 1 in 10 experience high stress levels while buying online.
E-retailers need to ensure their fulfilment centres are ready to handle rising demand as online sales rise
Jun 19, 2018
Businesses that are focused on tapping into the fast growing online retail market need to ensure they have the correct equipment and procedures in place to effectively handle rising sales or risk customer satisfaction taking a hit, says Midland Pallet Trucks.
Over a quarter of mid-market businesses expect to fall victim to cyber-attacks in 2018
Jun 12, 2018
Despite security being a top priority for mid-market businesses, over a quarter (28%) of companies expect to fall victim to a cyber-attack in 2018, according to the 'Mid-market IT priorities 2018' report by Node4.
Parts manufacturers and retailers being left behind in e-commerce 'revolution'
Jun 12, 2018
Many parts manufacturers and retailers are in danger of being left behind as more and more sales move online, warns motor industry e-commerce specialist Dijitul Automotive.
Most millennials still prefer stores to online shopping but want re-evaluation of staff roles - retail survey
Jun 12, 2018
A retail trends survey commissioned by a London-based international brand experience consultancy has revealed that almost three-quarters of millennials still prefer stores to online shopping.
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.
