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.
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.
Test for success – preparing for Cyber Monday
Nov 14, 2017
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.
Next day fulfilment no longer adds value to connected shoppers
Nov 14, 2017
Next-day delivery options no longer add value to connected customers' shopping journeys, a new report by Sorted, the delivery experience company, warns.
Deko appoints new CEO
Nov 14, 2017
Retail finance technology provider Deko has appointed a new CEO to develop and deliver the company's ambitious growth strategy and help it expand into new markets.
AI to provide the antidote to pressures on retailers following Brexit, says Blue Yonder
Nov 14, 2017
Retailers, currently suffering through some of the most challenging trading conditions they have ever faced, should look to new technology to optimise their operations, reduce their costs and strengthen their bottom line.
Voice and the omnichannel advantage
Nov 07, 2017
Within the retail industry, warehouses have traditionally been tasked with fulfilling bulk consignments to the store. This involves putting in place a highly efficient methodology whereby all tasks – from picking and replenishment, to stock moves, stock count, stock cycles etc. – are executed in a highly efficient manner.
By Philip Jarrett, director of sales & marketing, BEC (Systems Integration) Ltd.
Keep Black Friday shopping free of fake goods
Nov 07, 2017
MarkMonitor, the enterprise brand protection solutions provider, is advising online shoppers to be more vigilant leading up to Black Friday. In the annual search for bargains and discounted goods, consumers are more at risk when it comes to unintentionally buying counterfeit goods.
Terminal operators face a biomass challenge
Nov 07, 2017
The challenges facing bulk terminal operators looking to make the transition from coal to biomass were put into sharp focus at the Association of Bulk Terminal Operators’ inaugural conference, Bulk Terminals 2017, which took place in London.
Overcoming the data deluge: Three steps for retailers to cut through the noise and drive success
Nov 07, 2017
By Alexandra Frith at Retail Pro International.
Retailers of a certain age will be able to cast their minds back to the 1990s, when they didn’t need to look much further than the trusted combo of a ‘POS’ and supply chain management tool.
Retailers must take radical new approach to technology, claims Searchlight Consulting report
Nov 07, 2017
Retailers are not using technology as effectively as they could be and in some cases it is actually having a detrimental effect on their business, according to a new report from Searchlight Consulting.
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.
