Giving consumers access to technology that allows them to visualise products at home before purchasing makes them more likely to part with their money, new research has found.
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.
Despite digital demands, shoppers still value traditional in-store customer service, new report reveals
Dec 12, 2017
Despite the digital demands connected consumers now expect in their omnichannel shopping journeys, the values of traditional customer service and human interaction prove key motivations for consumers choosing to shop in-store, a new report by PCMS, a global provider of unified commerce solutions, reveals.
Buying online for home delivery: UK consumers have never had it so good, but the pressure is on retailers to juggle multiple services, Centiro warns
Dec 12, 2017
UK consumers have never had it so good when it comes to home delivery, but the pressure is on retailers to juggle multiple delivery services to guarantee success at Christmas, according to delivery management expert Centiro.
Digital, real-time and predictive: research reveals future of retail marketing
Dec 12, 2017
New research by SaaS technology company, Eagle Eye, has found that personalisation is no longer a bonus but a marketing necessity. Some 75% of consumers say they are unhappy with generic offers and 81% consider relevance to be the most influential factor in whether they redeem promotions.
Why retailers must embrace the 'Integration of Things'
Dec 12, 2017
By Guy Murphy, industry technology evangelist, MuleSoft. E-commerce is thriving in the UK. According to IMRG, £133 billion was spent online in 2016—a number expected to increase by 14 percent this year largely due to sales made on smartphones.
Online ads are killing traditional media: Here's how retailers can avoid dying with it
Dec 06, 2017
By Declan Kennedy, StitcherAds CEO.
Historically, the Internet's ability to rapidly disseminate news has made newspapers and magazines obsolete, with the demise of print ads following suit.
Black Friday boost for retailers ahead of a 'careful as you go' Christmas
Dec 06, 2017
UK retail footfall saw a recovery in November, following a poor October. Average weekly footfall grew by +4.5% on the previous month, and the footfall gap against the same month in 2016 narrowed to -4.7%.
Make sure the bad guys don't get what they're hoping for this Christmas
Dec 05, 2017
By Stephen Keenan, Managing Director of Large Enterprise at Verizon.
It's approaching that time of year again. Summer is over and the festive season is just around the corner. This period is crucial to many retail and hospitality businesses, and they are crossing their fingers that 2017 will be a bumper year.
Optimise Inventory with True Multi-Echelon Planning
Dec 05, 2017
By Rod Daughtery, Blue Ridge. As you reflect back on the language of retail and distribution, it is interesting to see how the description has changed over the years. While the actual functional areas change, there are also new buzzwords that come about.
Thought for Food: How can AI help supermarkets to keep food fresh?
Dec 05, 2017
Every retailer will understand the importance of carrying the right level of stock, knowing that if they have too many gaps on their shelves that they run the risk of consumers defecting to their rivals, and that if they over-order then they will have huge piles of wasted food.
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.
