High street retailers suffered another blow as soaring temperatures over the May bank holidays failed to tempt people into the shops, new figures from Ipsos Retail Performance have revealed.
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.
Frost & Sullivan's Intelligent Mobility summit highlights how Gen Z attitudes are pushing mobility from brand-centric, single ownership paradigms to integrated, multi-modal usage
Jun 05, 2018
Generation Z's distinct attitudes and preferences – as both consumers and future vehicle owners or users – are set to dramatically transform the mobility sector.
Innovate or die: How retailers must find a way to win in the digital age
Jun 05, 2018
There's never been a more brutal time for retail. Under the shadow of Amazon, retailers have to remain competitive, delivering a connected cross-channel customer experience that fulfils customer expectations.
Ocado's success puts pressure on retailers for digital skills and transformation
May 29, 2018
Ocado shares have soared nearly 45 per cent creating further pressure for digital transformation in retail.
Reality Check: Internet of Payments (IoP) - Is this the Future of Paying?
May 29, 2018
Urs Gubser, Head E-Commerce Strategy at SIX Payment Services, explains what is behind the Internet of Payments in his latest Reality Check.
The need for speed in cloud innovation puts customer experience at risk, say almost three-quarters of retailers
May 29, 2018
Software intelligence company, Dynatrace, has announced the findings of an independent global survey of 219 CIOs in the retail sector, which reveals that 74% of retail organisations say the need for speed in digital innovation is putting customer experience at risk.
Online shopping during Ramadan increases by 43%. How to shop safely and avoid being hacked
May 29, 2018
Facebook has released a case study that says Facebook users in the Middle East and North Africa spend extra 57.6 hours using the platform during Ramadan.
Royal wedding sees cider, sun care and Champagne sales pop as shoppers celebrate in the sun
May 29, 2018
Nielsen, the data and measurement company, has released data indicating that the royal wedding contributed to an uplift in sales of cider, sparkling wine, and other FMCG products.
Cisco report reveals 20 most significant IT job roles needed now and in the future
May 29, 2018
Cisco has announced the findings of a survey it recently sponsored on the future of IT revealing the 20 Most Significant IT Roles You Should Consider.
Intelligence firm IDC conducted a global survey of IT hiring managers, examining nearly 2 million IT job postings for requested skills.
M&S can still reignite the spark, says Tryzens
May 29, 2018
Following reports of Marks & Spencer's sharp drop in profits, eCommerce specialist Tryzens has said that while M&S's performance can in part be attributed to a challenging retail market, it has been too slow to adapt to changing shopping habits.
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.
