The growth potential of global e-commerce is far from exhausted, says the head of Hong Kong-headquartered international logistics provider the U-Freight Group (UFL).
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.
Mahindra Comviva, in collaboration with Mobile World Live, releases telecom survey report
Jan 03, 2017
Mahindra Comviva, provider of mobility solutions, has released "The Business of Tomorrows" survey report.
Manufacturing & Logistics IT December Reference Annual 2016
Dec 20, 2016
The December edition of Manufacturing & Logistics IT features an exclusive report on Supply Chain Management, where we spoke with a number of the leading vendors and analysts about current key trends and discussion points within this fascinating technology space.
Lack of sales planning bad for UK economy, says Sasudi's Leigh Ashton
Dec 20, 2016
Too many UK businesses are operating without a coherent sales plan and this is bad for the country's economy.
Russian luxury market bouncing back, but some brands are lagging behind
Dec 20, 2016
Despite a difficult trading year in 2015, luxury brands are staging a comeback in the Russian marketplace according to Luxury in Russia: the comeback, a new report released by customer engagement specialists Contactlab and investment company Exane BNP Paribas.
Research finds that 68% of shoppers feel disappointed with freshness of their grocery shop
Dec 20, 2016
A international survey of 4,000 consumers from Blue Yonder, a cloud-based provider of predictive applications for retail, looked at shopping experiences online, in the supermarkets, in the discount retailers and in the mass merchants in the USA, UK, France and Germany.
Top Christmas shopping pet peeves revealed
Dec 20, 2016
Shoppers are turning online for their Christmas gift buying this year to escape the stress of long queues, big crowds and repetitive in-store Christmas music, according to new research.
Customer experience should drive digital transformation, says Dorset Creative
Dec 14, 2016
As more businesses begin their digital transformation, to deliver changes that will bring results, agency Dorset Creative urges them to put customer experience first.
Digital payments con tricks senior execs out of millions
Dec 13, 2016
CEOs, MDs and board level execs are being targeted in the latest online security scam which takes advantage of the busy diaries of senior business figures.
Expect more retail technology M&A as the sector arms race accelerates
Dec 07, 2016
By Paul Vanstone, Director, Catalyst Corporate Finance.
Retailers face a daunting technology challenge as digital innovation transforms their business models. Whilst 90% of sales are still made in physical stores, half of all sales are influenced in some way by customers' use of the internet and shoppers who buy across multiple channels also spend more.
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.
