Big Data is an increasingly coined term used to reference the vast, varied and often complex sources of information now available to businesses. Through the sophisticated algorithms built into modern Big Data Analytics tools, valuable business insight can be derived through harvesting better structured, relevant data from manifold unstructured sources.
Manufacturing & Logistics IT spoke with a number of experts from the vendor and analyst communities about recent developments within the Big Data Analytics arena.
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.
Big Data Analytics – realising the potential
Jan 09, 2018
Scandit survey suggests retailers missing in-store sales opportunities
Dec 19, 2017
Findings from a recent Scandit consumer survey of more than 1,500 respondents in the US, UK and Germany suggest brick-and-mortar retailers are missing valuable opportunities to digitally engage with customers and losing sales in the process.
Not so much a bang but a little sparkle from November sales
Dec 19, 2017
Bonfire night and Black Friday sales seemed to hold up the November Retail Sales, but food price inflation continues to hit consumers' pockets, says one retail expert.
Big Freeze prompts flurry of festive gift buying online
Dec 19, 2017
Widespread snow and sub-zero temperatures across the UK prompted an early flurry of online festive gift buying, with searches around 'Christmas gifts' up 12% week-on-week*, according to data from Summit, specialists in online retailing.
How to keep your warehouse in sync with sales promotions
Dec 19, 2017
By Eric Carter, solutions architect, Indigo Software.
Everyone loves a bargain and there are always plenty to be had at this time of year in the run up to Christmas.
Join the cloud crowd: Three key reasons why retailers should adopt cloud computing
Dec 19, 2017
By Niklas Hedin, CEO of Centiro.
One of the things that makes the world of omnichannel retail so exciting is that it doesn't tend to stand still for long. In recent months, for example, we have seen Amazon announcing a full online supermarket service with same-day deliveries in parts of London and Sainsbury's doubling the number of Click & Collect sites it provides.
Don't let the Naughty Elf run off with your company data
Dec 19, 2017
Ultima, provider of on-premise and cloud IT infrastructure and managed service solutions, is warning companies to stop the 'Naughty Elf' pinching company data left lying around on obsolete technology over Christmas.
AI to help retailers meet customer expectations and maintain profit margins
Dec 19, 2017
Recent research from Blue Yonder has revealed that 79% of global shoppers say they are disappointed when their desired discounted item has sold out, while over half feel let down when the colour they want is not available in the sale.
Over a quarter of consumers find Christmas shopping online as stressful as purchasing in-store
Dec 19, 2017
More than a quarter (27%) of Christmas shoppers find buying presents online just as stressful as going in-store.
Emojis only prompt 1 in 20 GB consumers to engage with a brand
Dec 13, 2017
Following the arrival of 70 new emojis on devices across the country this month, new research from marketing automation suite Pure360 has highlighted that while the majority of GB consumers are keen to use these graphics in their messages to friends and family, far fewer are amenable to brands using them in their marketing messages.
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.
