Latest research by Yonder Digital Group reveals that online retailers are failing to provide customers with CX at key shopping time.
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.
Majority of EMEA retailers plan to increase investment in payments, survey by ACI and Ovum finds
Sep 12, 2017
55 percent of retailers and merchants in the EMEA region are planning to increase their investment into new payment capabilities in the next 18 to 24 months, according to the 2017 Global Payments Insight Survey: Merchants and Retailers by ACI Worldwide and Ovum.
Reality Check: Amazon’s 1-Click for all online retailers?
Sep 12, 2017
On 11th September 2017, 20 years after its launch, the patent for the 1-Click service from Amazon expires.
Incorporating your mobile to maximise customer involvement through Augmented Reality
Sep 06, 2017
Michael Valgsgaard, Leading Digital Transformation at IKEA, will lead a speaker session and contribute to a panel discussion titled 'Incorporating your mobile to maximise customer involvement through Augmented Reality' and 'Making a purchase not a payment, how to better know the customer to fulfil a seamless payment' at PayExpo Europe 2017, taking place 4 & 5 October at London's ExCeL.
Are retailers really getting the most out of their Store Associates?
Sep 05, 2017
As the store evolves to support a complex, omnichannel retailer experience, the role of the Store Associate is changing. But, do retailers know what their Store Associates are doing right now? How can they maximise the value of each Store Associate? And, is there any activity greater in importance than consumer engagement in store?
How can pureplay retailers impress customers?
Sep 05, 2017
By Matthew Robertson, Co-CEO NetDespatch.
In 1950 there were 600,000 retail stores in the UK, in 2012 there were 290,000, and just 220,000 are predicted to survive in 2020. Physical stores are not what necessarily attracts shoppers to make a purchase in the mobile era and pureplay retailers are looking to take advantage of the shifting structure in retail.
Warehouse staff shortages make logistics and supply chain automation an imperative
Sep 05, 2017
Staff shortages are making the role of automation even more important in the logistics and supply chain sectors, a sector expert has claimed.
Verizon 2017 Payment Security Report demonstrates a link between payment card security standard compliance and the ability to defend against cyberattacks
Sep 05, 2017
With cybercrime on the increase, payment card security is increasingly a focus for companies and consumers alike.
What will close the Cyber and Network Security Skills Gap?
Sep 05, 2017
By Alistair Hartrup, CEO Network Critical.
All of us rely on secure financial management systems. Whenever we do online banking, we trust that the server is safe from hackers. There is usually no need to ponder the system that protects our virtual finances, but these systems are always on high alert.
Engineering careers in retail: Yes, they do exist
Aug 29, 2017
Engineers play a very important role in business, but one area that many people don’t consider when they think about engineering is retail. Surprisingly, there are a few career options for engineers who want to work in the retail industry.
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.
