By Paul Hennin, Director of International Marketing, Aerohive.
The retail sector has been an early adopter of Wi-Fi tracking technologies. In the face of stiff competition from online outlets, bricks-and-mortar retailers need to collect and analyse as much data as possible to improve the customer experience and find new value-adding services.
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 connected retail experience
Jun 28, 2016
NewVoiceMedia finds 68 per cent prefer live agent support to self-help
Jun 28, 2016
NewVoiceMedia, the global provider of cloud technology, has found that while self-help options continue to advance, 68 per cent of U.S. citizens would still prefer a live agent to handle their customer service queries.
1 in 5 mobile & wearable ticketing users to shift to mobile contactless purchases by 2021
Jun 21, 2016
A new study from Juniper Research has found that the number of people using contactless ticketing via mobile or wearables devices will approach 300 million by 2021.
SMBs outpace larger organisations in virtual working, on-demand tools and freelancing
Jun 21, 2016
Close to two thirds (60%) of knowledge workers* in small and medium businesses (SMBs) in the US, UK and Germany now use on-demand tools - technology that is internet or cloud-based - in their professional roles.
How prepared are you for the General Data Protection Regulation (GDPR)?
Jun 21, 2016
By Paul Evans, Managing Director, Redstor.
The European Commission first proposed changes to the EU Data Protection law in early 2012. Following years of debate the proposal has now been finalised with the General Data Protection Regulation (GDPR) coming into force in May 2018.
Expanding to new horizons
Jun 21, 2016
By Paul Watson, CEO, Volo.
Ecommerce is transforming the world into one global marketplace and a growing number of online retailers are looking at international markets for new growth opportunities. The European market is particularly attractive as it offers access to over 500 million potential customers.
New JDA/Centiro Customer Pulse 2016 Report reveals one-third of online consumers switch retailers due to minimum order thresholds
Jun 21, 2016
Nearly a third (31%) of UK online shoppers shopped elsewhere as a result of encountering minimum order thresholds, according to the JDA/Centiro Customer Pulse 2016 Report conducted by YouGov.
Retail staff need technology as slick as that on offer to customers
Jun 21, 2016
By Paul Cash, Managing Director of Fruition Partners UK.
In today's retail world it's a given that technology is a vital enabler of competitive advantage with customers.
Consumer goods retailers and manufacturers transforming to maintain competitive advantage
Jun 21, 2016
A survey of 400 consumer goods retail and manufacturing executives from 27 countries reveals that companies who want to keep in front of change and secure competitive advantage are transforming themselves into fully integrated omni businesses—able to respond to the needs of customers across all channels and at any point during their shopping.
Struggles with technology endanger independent retailers, warns WorldPay
Jun 14, 2016
WorldPay research has uncovered that both consumers (75%) and small business owners (60%) are deeply concerned about the diversity of Britain's high streets in a new study.
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.
