Retail CIOs and IT leaders are poised to face a unique set of challenges in 2024. Changing consumer habits and a fluctuating economy require an increased focus on building resilience and rapidly shaping consumer shopping experiences in the retail industry. The key to success will be leveraging technology successfully, and artificial intelligence (AI) is emerging as one of the most critical technologies for retailers. According to a recent article by Retail Dive, more than half of retail and consumer packaged goods executives plan to invest in artificial intelligence tools for initiatives like marketing and financial forecasting.
Consumers demand high levels of personalization and a unified shopping experience across channels. For retailers and eCommerce brands, it has never been more crucial to make informed strategic decisions and create superior user experiences. Central to this is the role of data management. Unfortunately, retailers still struggle with their data.
As we navigate through 2024, Retail CIOs and IT leaders are making significant advancements in the tech realm, while tightening their belts elsewhere. One notable area is the intriguing intersection of technology and human capital. Instead of resorting to expensive outsourcing, some leaders are enriching their in-house teams, turning them into tech gurus equipped to handle novel tools and technologies. This creates a win-win situation where digital transformation is fast-tracked, job security is strengthened, and funds are preserved.
The popularity of autonomous delivery systems is only likely to gain further popularity in the face of the Great Resignation and global labor shortages in several key industries, which is seeing roles at many large carrier brands remain unfilled. Taking the human out of the equation means brands struggling to attract new talent will be able to maintain the flow of goods between themselves and their customers regardless.
Few in the retail space come close to the size of ecommerce titan, Amazon – having recently stolen Walmart’s long tenured reign as world’s largest company by revenue – so it is unsurprising that we turn in its direction to learn how this retail juggernaut has mastered the last mile.
During the worst days of the crisis, retailers – especially supermarkets and other outlets for essential goods – saw a surge in demand for home delivery services with delivery slots at the biggest brands filling up two, sometimes three, weeks in advance. Even now we are tentatively coming out of the other side of the pandemic, the demand for an increased number of home delivery options continues. Combine this with the fact major carriers such as UPS have significantly increased their rates and there is a palpable need for new carrier vendors and multi-carrier strategies in the retail space.
Data is growing at a fast pace. To help fresh CIOs on their way, here's the top five challenges facing the role today and how you can conquer them.
It recently opened its most sustainable store so far in Greenwich, London. Resplendent with solar panels, rainwater-harvesting facilities, geothermal heating, and 100 percent LED lighting, the new store elegantly demonstrates the company's commitment to environmental friendliness.
1,900 supply chain executives and retail business leaders were surveyed in recent research by IBM. Of those surveyed, 80 percent stated their intention to introduce some form of automation over the next two years.
In order to combat Amazon's incredible logistics capabilities, retailers must come up with unique and innovative ways of bringing products from manufacturers to consumers. Industry 4.0 technology is helping in this regard.
Amazon might have created a solution that works for everyone. The retail giant recently introduced an in-car delivery service through its Key app, which means you can get Amazon packages brought directly to your car.
It's this transparency which gives blockchain its security, and what makes the technology appealing to so many organizations across a range of industries - including those in supply chain logistics.
A strong economic environment in the country right now is leading consumers to purchase more than in previous years. While this is fantastic news for the retail industry, it means the sector requires more transport infrastructure than ever before to get its products to customers.