By Katarina Hansson, Director Retail Industry, Teradata International.
As a retailer, the clock is ticking if you are yet to adopt advanced analytics – and it's not a case of 'if' but 'when' in terms of doing so.
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.
Five steps retailers are taking for analytics-driven success
Oct 03, 2017
New Sainsbury's mobile app could reduce in-store friction, says Qmatic
Oct 03, 2017
The trial of Sainsbury's checkout-less technology, which enables customers to pay for goods on their mobile phone in the retailer's Euston store, shows the prominent role that mobile technology will play in the reduction of friction in the retail environment.
Retailtainment: a new in-store approach beckons
Sep 27, 2017
By Ian Tomlinson, President, Cybertill.
2017 has been a year of riveting and relevant retail marketing. During a period where shopping has altered significantly over the last decade, the retail climate has been experiencing an unprecedented shift in the way consumers are choosing to shop.
76 percent of European consumers will ditch businesses that don’t meet their customer experience expectations, Quadient research shows
Sep 27, 2017
European consumers feel they have more power over businesses, and are increasingly willing to use it, research from Quadient – formerly GMC Software – has revealed.
Retailers have up to six months to develop AR apps or risk losing customers
Sep 26, 2017
Nearly three in four consumers (69%) now expect retailers to launch an augmented reality app within the next six months, according to new research.
Following the launch of iPhone 8 and iOS 11, and Apple's new AR platform - ARKit - developers can now build high-quality AR experiences for iPhone and iPad users. And Google is also set to do the same for android developers with the launch of ARCore.
Why retailers should look to the cloud to power their Wi-Fi
Sep 26, 2017
By Serge Denizyaran at Systal Technology Solutions.
Which aspect of retailing has a direct impact on staff productivity, cooperation and collaboration between stores, customer experience and future product development and marketing?
RFID is on the rise – and DENSO joins in: Experts for mobile data capture at the 'RFID & Wireless iOT tomorrow 2017'
Sep 20, 2017
Companies are willing to invest in the digital transformation of their business. This was recently shown in the results of the 'Digital Change Study' done by business software provider IFS.
The checkout is least satisfying part of the omnichannel shopping experience
Sep 19, 2017
Poor payments experience at the checkout is the weak link in connected customers' omnichannel shopping experiences, causing retailers lost conversions and customer loyalty, a new report from KPS, a transformation agency, reveals.
'One in ten IT SME bosses understand new data protection regulations'
Sep 19, 2017
The latest Aldermore small and medium sized business owners (SMEs) Future Attitudes study has stated that just over one in ten (12%) SME owners in the IT sector fully understand what the forthcoming EU General Data Protection Regulation (GDPR) actually means for their business and have taken the appropriate steps to prepare themselves for it.
eCommerce firms should prepare themselves for the 'Christmas Effect' from mid-September
Sep 19, 2017
New research from ChannelGrabber, the software provider of multichannel eCommerce software, has found that the Christmas 2017 peak selling season will begin around mid-September this year, and end as soon as December 20th.
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.
