Some 70 per cent of business decision makers have admitted that their organisation's salespeople do not have a systematic approach to engaging with customers and prospects. Carried out for sales and negotiation experts Huthwaite International, the national YouGov research found that only 22 per cent of British business decision makers said their organisation has a single sales methodology and eight per cent do not know whether they did or not.
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.
Internet of Things will place greater pressure on companies to modernise
Mar 15, 2016
One of the hottest trends in tech right now is the Internet of Things, or IoT. Morgan Stanley projects that within the next five years, as many as 75 billion smart connected devices will be communicating with each other via IoT.
Generous British IT firms invest in staff certification training and exams
Mar 15, 2016
The majority of IT employers across the UK are investing in their staff by paying for training and certification exams – and employees are reaping the rewards – according to new research.
SOTI warns retailers must put mobile technology at the heart of their customer service strategy or risk losing out
Mar 15, 2016
The presence of mobile technology in brick-and-mortar retail outlets is having a direct impact on customer experience. SOTI is today warning retailers they must ensure they place mobile at the very heart of their strategy.
Click-and-collect holds the key for omnichannel conversions
Mar 08, 2016
As the popularity of click-and-collect continues to rise, this service is becoming key to driving conversions, both online and in the store, research from Cybertill, the cloud-based software innovator behind RetailStore, reveals.
Retailers must merge channels to deliver seamless customer service
Mar 08, 2016
Retailers are being urged to stop viewing traditional and digital service strategies as separate plans and merge the two together in order to create raving fans of their brand.
Retail fulfilment: no longer a back-room concern
Mar 08, 2016
Sometimes you have to stop looking at something the way you always have and consider it from a completely different perspective.
Trailblazer IT apprentices leading the path for women in tech
Mar 08, 2016
The number of women in the technology industry is growing at a rate of 238% faster than men, according to Sphero, showcasing the wide road being paved for the future women in IT.
Retailers risking £120bn of spending from unsatisfied and unfaithful consumers
Mar 01, 2016
UK consumers are unsatisfied with most aspects of their retail experience, a third find shopping more frustrating than five years ago and six in ten are using a wider range of retailers than at the height of the last recession.
Global mobile proximity payment users to surpass 1 billion by 2019
Mar 01, 2016
Mobile proximity payments are the smallest, but fastest growing segment for mobile payments, according to global analyst firm Ovum.
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.
