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.
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.
Make sure the bad guys don't get what they're hoping for this Christmas
Dec 05, 2017
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.
Next-generation supply & demand forecasting: How machine learning is helping retailers to save millions
Nov 28, 2017
By Daniele Barchiesi, Senior Data Scientist at Think Big Analytics, A Teradata Company.
How many Granny Smith apples should I deliver to each of my supermarkets? Will there be a run on sun cream this weekend? These are the types of questions retailers are asking when attempting to apply demand forecasting, a way of predicting demand levels for products or services to plan and manage supply chains more effectively.
The rise of the payments facilitator – Getting control of the merchant services charge
Nov 28, 2017
By Adina Ahmed, Director of Anderson Zaks, and Mark McMurtie, Independent payments consultant and Director of Payments Consultancy Ltd.
The budget delivers a brighter future for home deliveries; but fuels Brexit worries
Nov 28, 2017
The newly-launched online parcel price comparison site ParcelCompare has welcomed Chancellor Philip Hammond's plans to improve mobile connections to aid busy consumers shopping on the move.
IRI Shopper Insights highlight growth in popularity of specialist stores over mass market
Nov 28, 2017
A European Shopper Insights Report conducted by IRI, the big data and technology expert for consumer industries, shows that the influence and importance of emerging specialist retail channels, like drug stores, pharmacies* and make-up stores, is growing.
81% of consumers prefer physical stores, research shows
Nov 21, 2017
81% of UK consumers see the physical store as vital to the shopping experience and 70% say they enjoy the full experience of going into stores to browse, see what's new and buy what they like, new research from Vista Retail Support shows.
Black Friday online demand to peak at 8am, up 55% on the daily average
Nov 21, 2017
Online demand on Black Friday will peak at 8am on 24 November, up 55% on the daily average, according to Summit, specialists in online retailing, with just under 50% of Black Friday visits taking place before midday.
Half of online shoppers abandon a purchase if they can’t get the delivery choices they want, according to new research
Nov 21, 2017
Retailers and brands cannot afford to become complacent about the strategic role that delivery plays in their eCommerce strategies according to new research.
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.
