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.
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.
IRI Shopper Insights highlight growth in popularity of specialist stores over mass market
Nov 28, 2017
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.
Retail 2.0: Is there a comeback on the cards for bricks and mortar stores?
Nov 21, 2017
By Danny Molhoek, Managing Director & Country General Manager of Lexmark UK and Ireland.
Ask the modern consumer where they shop and they'll most likely respond with a handful of online retailers, along with maybe one or two shopping malls.
Millennials and pensioners less price conscious, baby boomers most frugal
Nov 21, 2017
Millennials and pensioners are the shoppers least influenced by price, while affluent baby boomers are more likely to watch costs, research has found.
Procurement and supply chain jobs up 13% in the UK year on year
Nov 14, 2017
The latest Robert Walters UK Jobs Index has revealed that procurement and supply chain vacancies have risen across the UK, with the number of jobs available in the third quarter of 2017 up 7% compared to the same time last year.
New SolarWinds MSP European GDPR study of IT suppliers and end users shows progress, but work remains
Nov 14, 2017
SolarWinds MSP has released findings from a European General Data Protection Regulation (GDPR) survey of IT suppliers and end users that reveals progress, but remaining work, on the road to GDPR readiness.
Test for success – preparing for Cyber Monday
Nov 14, 2017
By Sven Hammar, CSO and co-founder, Apica.
The major calendar events of Black Friday and Cyber Monday 2017 are approaching, and online retailers need to ensure that they are prepared for a sharp increase in customer traffic.
UK's preference for physical media overtakes love of digital downloads, as 18 - 24 year olds power the resurgence
Nov 14, 2017
Physical media is the nation's entertainment format of choice once more, with 52% of Brits preferring physical books, music, film/TV and video games to digital downloads, according to eBay's Guide to Physical Media, released today.
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.
