Over one in four people (27%) say they 'always' or 'usually' wait for sales to kick in before they shop, according to new research conducted by IMRG, the UK online retail association, and digital insights company Toluna.
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.
92% of consumers are unhappy with retailers returns policies on Black Friday
Nov 15, 2016
62% of UK consumers will be shopping on Black Friday and Cyber Monday, new research by Omnico has found.
Omnico questioned 1200 consumers about their plans for Black Friday (25 November) and Cyber Monday (28 November), as part of the second Omnico Retail Gap Barometer which explores how retailers are meeting changes in shopper behaviour.
Online retailers under pressure from Generation Consumer for cheaper and more convenient fulfilment options
Nov 15, 2016
Modern retailers risk a 'race to the bottom' by satisfying growing desires for anytime, cheap deliveries without balancing the associated costs across their organisations for managing stock, delivery and any associated returns.
Embrace the pace: retail at the speed of the connected consumer
Nov 15, 2016
By Frank Lochbaum, Managing Partner at KPS.More than five years ago, retailers were urged to adopt new technologies to enable them to keep pace with increasingly fickle, demanding, sophisticated and connected consumers.
Supply chain transformation - having the competitive edge
Nov 08, 2016
By Mikko Kärkkäinen, Group CEO, Relex Solutions.
Supply chain management was once a relative backwater, but in recent years it has moved decisively center stage. A well-managed supply chain operation is, increasingly, a critical factor, even the critical factor, in a business's success.
It’s time to rethink retail
Nov 08, 2016
Cybertill CEO, Ian Tomlinson, talks omni-channel retailing: blurring boundaries, converging sectors and convenient choices. Here are 5 things to consider in 2017.
Retailers prepare for the season of 'nickers'
Nov 08, 2016
New research sponsored by Checkpoint Systems – provider of merchandise availability solutions to the global retail industry – has revealed that retailers will see shoplifting erode their profits over the coming months, as they begin to gear up for a bumper Christmas period.
Fear of supply chain collapse keeps many online retailers in unhappy relationships
Nov 08, 2016
According to William Walker, sales director of Berkshire-based Walker Logistics Ltd, online retailers continue to employ under-performing fulfilment services partners for far longer than they should because of a misguided fear that switching to another supplier will result in a hiatus when customer orders will go unfulfilled.
The right impression - Printing & Labelling Technology Report
Nov 08, 2016
Retail Technology Review spoke with a number of experts from the vendor and analyst communities about recent developments in the world of Printing & Labelling Technologies.Contributors are: British Printing Industries Federation (BPIF), Panorama Consulting, Frost & Sullivan, Gartner, Honeywell, Zebra Technologies, NiceLabel, Brother UK, Citizen Systems Europe and SATO.
Manufacturing & Logistics IT October 2016 Edition is now available
Oct 28, 2016
The October edition of Manufacturing & Logistics IT features an exclusive interview with Paul Simpson, head of residential supply chain management at Electrium Sales Ltd., about recent and ongoing enhancements to the company's IT estate and the business and operational rationale behind the changes.
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.
