In trying to keep up with the modern consumer, many fashion retailers have implemented multiple departmental solutions piecemeal, without fully considering the consequences of how these disparate systems will interact with each other. The result is a hodgepodge of processes, which require significant resources to maintain. The inefficiencies and the demands they place on the organization leave retailers stuck in the past, inhibiting growth and innovation.
Retail continues to experience a greater number of data breaches, with the main cause being compromised user IDs and passwords. However, only 4% of cybersecurity budgets are being spent on securing credentials. Organizations are mistakenly focusing spending on firewalls and intrusion detection while leaving the front door wide open to cyber criminals by not addressing the primary means of intrusion, compromised credentials.
In today’s digitally connected environment retailers need to interact with customers on multiple channels and touch points simultaneously (or even interchangeably) to deliver seamless shopping experience. The customer expectations have also seen gamut of changes; they are agnostic to the lines dividing various channels and expect convenient delivery options like click & collect, drop shipment and delivery lockers.
Chargebacks are an unfortunate reality of running a retail business, and they can be devastating to your bottom line. When you consider that 63% of chargebacks are due to fraud, developing a comprehensive strategy for managing them is critical for success.
The best retailers in the world are also the best marketers. Their strategies include smart, on-demand mobile couponing to drive increased foot traffic and incremental revenue. But they need the right technologies to make it happen.
Perfect Pick’s goods-to-person model allows businesses to do more with less by dramatically increasing productivity and efficiency, but with much fewer workers.
Determining exactly when to have a sale, how long it should last, and how much to discount are recurring challenges for every retailer. One way to gain the upper hand is to have easy access to data-backed insights on your competitors’ promotional tactics at your fingertips. Such insights can reveal how your promotional calendar compares to others’, how discounting affects traffic, and how your promotions benchmark against competitors’.
Representing the largest and most diverse generation in U.S. history, Millennials possess $200B, collectively, in annual spending power. Yet, attracting and retaining the attention of the Millennial shopper remains a challenge for many retailers.
Retail is changing at such a rapid pace it’s hard to imagine what the future may hold. As a retailer, you not only are challenged to offer the products your customers want today, but to do so profitably while providing optimal customer service and staying one step ahead of your competitors — remaining agile enough to address whatever lies ahead.
As multichannel or omni-channel retailing develops, the retail industry is recognising that the most efficient form of operation is to service all channels from a single stock pool. This could be physically held in a variety of locations, most commonly warehouses and stores.
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