By Thomas Jeanjean, regional managing director for mid-market EMEA, Criteo.
There is nothing more frustrating in life than missed opportunities. For retailers, missed opportunities most commonly come in the form of 'dropped baskets.'
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.
The evolution of retail: the death of the dropped basket?
Oct 24, 2016
How to harness predictive marketing and machine learning to engage customers
Oct 24, 2016
By Steven Ledgerwood, Managing Director, UK at Emarsys.
Predictions are notoriously difficult. When the CIA created a report fifteen years ago on what to expect in 2015, most of its estimations were wrong. Whilst the organisation foresaw the growth of the Internet, the 2008 financial crisis was not on its radar.
Don't get caught out this Christmas with a counterfeit
Oct 24, 2016
By online brand protection specialist, MarkMonitor.
As the evenings draw in and get darker and we dig out our warm woolly jumpers, it can only mean one thing — winter is coming. There are now 65 days until Christmas Day and only two pay days to get your gifts for friends and family.
Omni-channel retailing and the future of retail IT
Oct 19, 2016
By Brian Buggy, VP Product, Zynstra.
Increasingly, organisations are seeking to interact with their customers and clients in new and exciting ways. In response to customer demand, the lines between online and in-store retailers are blurring.
Pitney Bowes survey finds majority of global consumers shop cross-border
Oct 18, 2016
Pitney Bowes has announced the results of the third annual Pitney Bowes Global Online Shopping Survey, which finds that cross-border ecommerce has become prevalent among consumers around the world.
Annual cost of fraud and cybercrime tops £10.9bn in the UK
Oct 18, 2016
According to Get Safe Online, the annual cost of fraud and cybercrime in the UK is £10.9bn – the equivalent of £210 per adult.
Combatting the rise of account takeover fraud
Oct 18, 2016
Roberto Valerio, CEO of Risk Ident, a German software engineering company specialising in online fraud prevention, explains one of the fastest growing retail fraud problems today.
Deliveroo and MARS among the F&B retailers providing food for thought in the MAPIC 2016 conference programme
Oct 18, 2016
With the global consumer demand for unique and impactful dining experiences in malls and shopping destinations reaching an all-time high, food and beverage will be omni-present at MAPIC 2016.
The future of the modern day supply chain
Oct 12, 2016
In today's omni-channel world retailers are creating new, innovative and quick ways to get orders to their customers – and same day delivery has become another strategy that takes modern day logistics to a whole new level.
Nearly half of young shoppers seek advice from their partner before making a final purchase
Oct 11, 2016
A recent survey has revealed just how reliant people are on the opinions of their partners before making a purchase, as 48 per cent of millennials seek their partner's approval before buying an item.
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.
