From online-only e-tailers to traditional bricks and mortar stores that have embraced the ecommerce boom, the last few years have seen the popularity of online shopping continuously rise.
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.
Retailers: Christmas planning starts today
Aug 03, 2016
Preparing for Christmas now may seem extreme to the everyday shopper – but that's exactly what retailers are doing. Getting a head start will take the pain out of the busiest retail period of the year and deliver a degree of predictability in an already unpredictable year.
Why are major discount days proving so popular and will this continue?
Aug 03, 2016
By Matt Robertson, Co-CEO, NetDespatch.
The key driver is the engagement of your customers. From a retail perspective if their customers choose to engage with a particular peak shopping day, they will want to ensure they are serving their customers' needs and engaging themselves.
Menswear will spearhead £3.2 billion growth in UK value clothing market to 2021, says Verdict Retail
Jul 27, 2016
The UK value clothing market is set to grow by £3.2 billion over the next five years, with the forecast 2021 market value equating to 23.6% growth on the 2016 figure, according to retail research and analysis firm Verdict Retail.
80% of British shoppers won’t purchase from online retailers that fail to list prices in sterling
Jul 27, 2016
A survey by online translation agency One Hour Translation of 1,000 people in the UK revealed that 80% of the British consumer public refuses to buy from websites that do not list their prices in British Pounds.
Reinventing the mobile experience must be a key priority for retailers, says Tryzens
Jul 26, 2016
With consumers expecting shopping experiences to complement their own lifestyles, retailers need to better integrate mobile solutions across the whole of the customer journey to ensure sustainable growth and customer retention.
June retail sales: 'Brexit not to blame for consumer confidence lows'
Jul 26, 2016
Latest statistics from the retail sales in June 2016 revealed a decline in consumer spending, but Brexit might not be to blame, according to one expert in Retail and Wholesale at leading accountancy firm, Wilkins Kennedy LLP.
Failure to invest in technology will slow retail innovation
Jul 26, 2016
Retailing has changed fundamentally over the past decade and the pace of change continues to quicken. The focus is no longer on making incremental gains but embracing new ways of working, including tight integration between retailers and wholesalers to transform in real time the stock range and mix available to customers.
The challenge of chasing overseas buyers: a retail perspective
Jul 26, 2016
By Salil Godika, Chief Strategy & Marketing Officer and Industry Group Head, Happiest Minds.
Expanding sales beyond local borders to target an international audience offers a great opportunity for retailers to grow their business. However, retailers looking to expand internationally face increased challenges and competition is intense.
Digital innovation applauded for transforming the way retailers deliver goods
Jul 20, 2016
The innovation shown by retailers in distributing goods is to be applauded, according to new rankings.
Produced in partnership with Webloyalty, Retail Insider's Digital Retail Innovations Report 2016 identifies the top 50 retail technology initiatives, with delivery and fulfilment innovations taking 9 spots on the list. The fashion and food & drink sectors were also well represented, with 17 and 11 entries respectively.
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.
