By James Stirk, CEO, Tradeshift.
Global trade should be on its knees, just as it was in 2020. The only real difference from then is that Covid has retreated, only for the war in Ukraine to reach near-existential intensity. Yet signs of recovery are unmistakable in the supply chain.
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 supply chain is beginning to master a volatile world
May 07, 2024
How e-commerce can weather stormy highstreet landscape
May 07, 2024
In the aftermath of the British Retail Consortium (BRC)'s recent report highlighting a downturn in April’s retail sales due to inclement weather and lacklustre consumer spending, the imperative for retailers to step up their e-commerce game has never been more apparent.
Brands must revamp returns, says Manhattan Associates
May 07, 2024
Convenience is the name of the game in today’s retail landscape and the returns process is an integral part. It can make or break the overall brand experience, and savvy retailers are increasingly viewing it as an opportunity to further engage with customers as it provides additional touchpoints to enhance the overall customer journey.
Average Brit left waiting almost five days for deliveries
May 07, 2024
Following recent unprecedented delivery and parcel disruptions affecting consumers up and down the country, Shipup, the post-purchase expert, has found that the average order delivery is 4.5 days - or 107 hours*, with the quickest UK city almost one day faster than the slowest. So, unless you’re using Amazon Prime or other next day delivery services, it’s likely shoppers will be waiting a full working week for their deliveries.
New RELEX Study reveals AI's untapped potential: Retail and CPGs yet to fully embrace technology that drives demand forecasting accuracy
May 07, 2024
A new global study by RELEX Solutions, provider of unified supply chain and retail planning solutions, reveals that while 57% of retailers and CPG companies plan to invest in predictive and generative AI in the next 3-5 years, AI and machine learning (ML) ranked just fifth in importance for overall technology spend behind enhancing e-commerce capabilities, improving inventory management, demand forecasting, and leveraging data analytics.
Google is trying but losing the fight against AI spam
May 07, 2024
According to a new study by Originality.AI, the AI content detection tool with 99% accuracy, AI content in Google search results rose from 2.3% before GPT-2 to 10.2% by March 2024- tripling over five years despite Google’s strong stance against AI.
Email Marketing: Smart Spending to Boost Your Cost Effectiveness for 2024
May 06, 2024
By Jane Barrett, freelance writer.
Enter the world of effective email marketing by using our tips to cut your costs and amplify your impact simultaneously. This guide will walk you through the different landscapes of email marketing costs so you can invest wisely and scale without compromise on quality.
How to build a retail AI roadmap
Apr 30, 2024
Recognising where AI will have the most impact is key to retailers building their strategies for development, says Alexander Goncharuk, VP of Retail at Intellias.
Fashion industry's role in plastic pollution - Insights for Earth Day 2024
Apr 29, 2024
By Shingo Tsukamoto, President of online sizing technology specialist, Makip.
Each year, a startling 60% of the 32 billion garments produced globally are dumped into landfills. This is equivalent to 650 clothing items discarded every second.
ExtraHop finds 91% of ransomed organisations made payments last year
Apr 24, 2024
ExtraHop has released its third annual Global Cyber Confidence Index, which found organisations are generally ill-equipped to manage and mitigate their cyber risk following a significant increase in ransomware attacks and cybersecurity incident downtime.
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.
