By Frank Krieger, Vice-President, Governance, Risk and Compliance, iland.
It isn't often that compliance specialists get to be the heroes of the story, but in the last four years as we've been preparing for the implementation of the GDPR, we've found ourselves more frequently in the spotlight.
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.
Getting ready for GDPR – lessons from the front line of preparation
May 21, 2018
Royal Wedding rings a positive impact on the High Street on Sunday
May 21, 2018
The Harry and Meghan effect boosts post-wedding footfall on the High Street, but is less marked than the impact of Prince William and Kate Middleton's wedding on shopper traffic
Demand for online car buying exists but current experience not good enough, new report shows
May 21, 2018
Nearly eight out of 10 (79%) people say they would buy a new or used car entirely online – but more than half (57%) say that the online experience being offered lags behind, according to a new report.
Online sellers warned to be aware of HMRC tax rules
May 21, 2018
Tax preparation expert and founder of DSR Tax Claims, David Redfern, has issued a warning to online sellers to ensure that their income is correctly declared to HMRC or face penalties for undeclared income.
Meghan Markle's favourite beauty products see surge in positive online reviews since engagement
May 21, 2018
eCommerce insights service, E Fundamentals, has revealed an increase in positive consumer feedback and reviews for health and beauty products endorsed by the new Duchess of Sussex, Meghan Markle, before and after the announcement of her engagement to Prince Harry.
Take a closer look: why an AVS mismatch doesn’t always spell bad news
May 17, 2018
In the ongoing fight against ecommerce fraud, many tools, tactics, and technologies have been used by merchants and card issuing banks to stem the losses from chargebacks while at the same time facilitating online shopping's explosive growth over the last two decades.
The growing delivery experience gap: Retailers' fulfilment offers fail to deliver
May 15, 2018
Despite innovation in fulfilment increasingly being identified as a source of competitive advantage, many retailers' delivery offers still fail to meet the demands of customers, a new report by Sorted, the delivery experience company, reveals.
Brits spending over £2 billion on average a year on delivery subscriptions
May 14, 2018
British consumers are forking out approximately £2bn every year on delivery subscription services and it shows no signs of slowing as the type of subscriptions on offer continues to grow, alongside their popularity.
Marketers confused over GDPR consent regulations
May 14, 2018
Marketing professionals are increasingly confused about the rules around consent of data subjects under the GDPR, due to become law on 25 May.
Retailers must get sharper on customer engagement to avoid churn, warns Tryzens
May 14, 2018
The latest retail sales figures from the British Retail Consortium (BRC) highlight the pressing need for retailers to focus on making the customer experience more innovative and engaging.
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.
