The idea of personal shopping is being replaced by virtual styling, according to new research by fashion company DV Closet.
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.
How to avoid being lost in the IoT explosion
Apr 26, 2017
By Jordan O'Connor, Technical Lead EMEA, SOTI.
IoT is having a profound effect on business. 57 per cent of all global businesses have adopted IoT practices and 72 per cent of those believe their company is more profitable since embracing IoT.
It was a 'Mardy March' for retail sales
Apr 25, 2017
The Retail Sales Statistics for March 2017 revealed a month-on-month drop in sales, despite the spike in spending for Mother's Day.
Connected shopping reaches 'tipping point'
Apr 25, 2017
New research from retail and shopper marketing agency, Savvy, suggests that the rise of the 'connected shopper' has now reached a tipping point.
Cyber Security is a 'people problem' says IISP Survey
Apr 25, 2017
Over 80% of security professionals identify ‘people’ as the industry’s biggest challenge compared to technology and processes, according to the results of the second annual survey from The Institute of Information Security Professionals (IISP).
1 in 20 online stores has been breached by hackers, new research shows
Apr 25, 2017
One in 20 online shopping sites has been infiltrated by hackers who are actively stealing customers' payment card details, according to new research by cyber security experts Foregenix.
40% of UK eCommerce sites ‘crash’ during seasonal peaks
Apr 19, 2017
Cogeco Peer 1, provider of colocation, network connectivity, managed hosting, cloud and managed services, has announced the findings of an independently commissioned study, which found that 40% of UK retailers' websites experience downtime during seasonal peaks, such as Easter.
Nike and G Star Raw crowned kings of content in Quill study of leading fashion brands
Apr 18, 2017
Quill, a global player in Primary Content production, has launched the Quill Quality Score, a content-auditing service that enables retailers to benchmark their website content against competitors and industry best practice.
Two thirds of retailers have readily embraced e-commerce British retailers lead the way in mobile e-commerce
Apr 18, 2017
What impact is e-commerce having on retailers? This was the question that HR service provider, SD Worx, put to almost five hundred retailers with fifty to thousands of employees in Britain, Belgium, Germany, France and the Netherlands.
Poor checkout process and lack of payment options main causes of abandoned online baskets, according to Ovum and Klarna
Apr 12, 2017
Abandoned shopping baskets remain a significant issue for UK retailers, with checkout cited as the primary point for consumers to fall out the shopper journey, according to data from global analyst house Ovum and leading European payments provider Klarna.
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.
