The third annual JDA/PwC global survey of more than 300 retail and consumer goods CEOs found that 75% of respondents admit to still running their store and online operations separately.
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 retail evolution and RFID – ushering in the era of Retail 3.0
Feb 23, 2016
By Dean Frew, Sr. VP for RFID Solutions and Chief Technology Officer, SML Group.
Adoption of disruptive technologies is just that... disruptive. Yet, although implementing disruptive innovation can present a range of challenges, a business model that is stagnant for decades cannot remain successful indefinitely and is vulnerable to the next wave of innovation. This is the driving force behind the evolution of the retail business process.
Valentine's Day shoppers will dump retailers who get it wrong
Feb 23, 2016
68% of shoppers hunting for Valentine's Day gifts will enter a store if they receive an offer on their smartphones, a survey by Vista Retail support has found.
The poll, exploring consumer attitudes to Valentine's Day shopping, revealed how today's rushed romantics expect retailers to help them find the right gift in as pain-free and personalised manner as possible.
Tyco Retail Solutions opens new office in Tokyo
Feb 23, 2016
Tyco Retail Solutions has opened its new Tokyo office to meet the growing need for Store Performance Solutions in Japan, the world's third-largest economy.
The turnaround: how lessons from online retail tech are helping the high street to thrive
Feb 23, 2016
By Peter Wake, founder of StorIQ.
How close are retailers to having one view of activity across their business, driven by what the customer wants and does? The answer will vary from company to company, but I suspect the answer for most will be 'closer online than we are in the store'.
The retail evolution and RFID – ushering in the era of Retail 3.0
Feb 16, 2016
By Dean Frew, Sr. VP for RFID Solutions and Chief Technology Officer, SML Group.
Adoption of disruptive technologies is just that... disruptive. Yet, although implementing disruptive innovation can present a range of challenges, a business model that is stagnant for decades cannot remain successful indefinitely and is vulnerable to the next wave of innovation.
Loyalty will drive competitiveness for retailers
Feb 16, 2016
Retailers failing to prioritise the importance of the customer journey in their quest to build consumer loyalty risk giving their competitors an advantage.
County Court Judgements on the rise, as UK small businesses continue to be affected by late invoice payment
Feb 16, 2016
UK small businesses are increasingly turning to legal measures to when chasing bad debt, with the volume of County Court Judgements brought by small businesses increasing by 23% from the first half of 2015 to the second.
London and South East stores miss out On January footfall growth
Feb 09, 2016
Shoppers hitting the sales this January helped boost retail footfall in every region of the UK apart from London and the South East, according to the latest figures from Ipsos Retail Performance.
Sharing economy driving growth in mobile payment technology
Feb 09, 2016
The booming sharing economy is leading to an increase in mobile payment use, said Pinar Ozcan, Associate Professor of Strategic Management at Warwick Business School, at the WBS PayTech Conference at The Shard.
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.
