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.

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mPOS to process over 40% of retail Point-of-Sale transactions by 2021

1 mPOS to process over 40% of retail Point-of-Sale transactions by 2021

A new study from Juniper Research has found that smartphone and tablet-based mobile point-of sale terminals will take on a significant role in businesses, handling 40% of all retail transaction value by 2021, up from an expected 12% in 2016.

62% of Euro 2016 shoppers will be tempted inside by digital signage

2 62% of Euro 2016 shoppers will be tempted inside by digital signage

62% of shoppers will be tempted to step inside a store by digital signage during major football tournaments such as Euro 2016, a survey by Vista Retail Support has found.

Global websites 7% slower than last year, as fashion over function design choices lead to lost retail revenues

3 Global websites 7% slower than last year, as fashion over function design choices lead to lost retail revenues

Digital performance software company, Dynatrace, tracked the homepage response times of over 300 leading retail sites in the UK, US, France, Germany, China, Australia, Spain and the Nordics, testing every 10 minutes for the last 12 months.

B2B: the next battleground for Amazon in the UK?

4 B2B: the next battleground for Amazon in the UK?

With Amazon Business still in BETA in the UK, Mark Thornton, Marketing Director at Maginus, takes a look at how the offering has developed in the US – and what the UK wholesale and distribution market should be prepared for.

Digital technology provides vital and immediate boost for retail sector

5 Digital technology provides vital and immediate boost for retail sector

Cutting edge digital technologies have the power to drive customers back to physical stores and provide a welcome boost to the retail sector, according to experts at a Belfast-based marketing agency.

Digital retail marketing spend to double by 2020, reaching over US$360 billion

6 Digital retail marketing spend to double by 2020, reaching over US$360 billion

A new study from Juniper Research has found that spend on digital retail marketing is set to increase from US$174 billion in 2015, to $362.1 billion by 2020.

Digital technology provides vital and immediate boost for retail sector

7 Digital technology provides vital and immediate boost for retail sector

Cutting edge digital technologies have the power to drive customers back to physical stores and provide a welcome boost to the retail sector, according to experts at a Belfast-based marketing agency.

Remote control

8 Remote control

In the UK alone, the online retail channel accounts for in the region of 12 per cent of all consumer spending and, incredibly, it is forecast to reach 40 per cent in the not too distant future.

Businesses must recognise the transformative impact of data on the customer experience, says Aspect

9 Businesses must recognise the transformative impact of data on the customer experience, says Aspect

Customer service departments must become better at using real-time data in order to move towards a personalised, authentic and contextual customer experience, claims Colin Whelan, Senior Solutions Consultant Aspect Software.

Only 17 per cent of businesses invest in cyber-security training for staff

10 Only 17 per cent of businesses invest in cyber-security training for staff

New government research shows nearly two-thirds of large UK businesses have suffered a cyber-attack, yet only 17 per cent of UK firms have trained staff in this area over the past year.

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.

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