UK shoppers are more likely to post a positive on-line review than one that is negative, research by global reviews and customer insights company Feefo has found.
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.
Enterprise mobility initiatives stifled by poor information management practices, finds M-Files
Aug 15, 2017
Research commissioned by M-Files Corporation, the intelligent information management company, has revealed that poor information management practices are preventing UK businesses from realising the true potential of mobile and remote working.
The rise of machines and AI in retail and logistics
Aug 09, 2017
Advances in artificial intelligence are destined to make our lives even better, but will machines eventually out-do humans, asks Uwe Hennig, chief executive of tech specialist Detego?
100 years of start-ups: Where did it all begin?
Aug 09, 2017
The most prolific multinational corporations of today had to start somewhere. Years of hard work, investment and a little bit of good luck meant some of the budding startups of 100 years ago have gone on to become some of the biggest brands in the world today. But how did they do it?
RFID market to reach $11.2 billion in 2017
Aug 08, 2017
Based on the new report 'RFID Forecasts, Players and Opportunities 2017-2027', IDTechEx Research finds that in 2017, the total RFID market will be worth $11.2bn, up from $10.52bn in 2016 and $9.95bn in 2015.
Sustainable supply chains have never been more important
Aug 08, 2017
By Nigel Crunden, business specialist at business solutions provider Office Depot.
Poor UK broadband speeds are blocking eCommerce growth, says Tryzens
Aug 08, 2017
For a nation of online shoppers, the UK is letting eCommerce down by not providing the required infrastructure to boost growth and increase developments in the industry.
Cyber-security breaches – A fact of life?
Aug 01, 2017
By James Callender, Producer at Lockton Companies LLP.
If anything should focus the minds of Government Ministers and MPs about the importance of online security, the recent cyber attack on both Houses of Parliament should.
Sales season, dead stock and decisive technology: How retailers can win the inventory battle
Aug 01, 2017
As sales start and unsold stock piles high in backrooms across the UK, Cloud EPoS innovator Ian Tomlinson of RetailStore argues that there is a simple solution to the mass problem of dead stock.
Immediate payments are a key revenue driver for 66% of banks in markets with IP schemes
Aug 01, 2017
Immediate payments is a key revenue driver for 66% t of banks in markets with IP schemes, according to new benchmark data, "2017 Global Payments Insight Survey: Retail Banking," from ACI Worldwide and Ovum.
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.
