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"2021" Threats and Solutions
to the retail industry

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Dec, 2021

Introduction: 2021 retail industry has just lived through a market-shaping year. With the pandemic effect taking the volume of digital interactions to unprecedented levels, many retailers expect a continued increase in demand for digital engagements through 2021. Consumer behaviour changed overnight as health and safety concerns suddenly became a purchase driver. Technological adaption would usually have taken years to occur in a matter of months. After effects will there, even the pandemic subsides. The retail world may look like with COVID-19 in the rear-view mirror? What retailers may expect as they plan for 2021 and beyond. See a longer timeline of two to five years. The old rules need to change, and differentiated action will be required to stand out from the competition. Many retailers expect a continued increase in demand for digital engagements through 2021. Many retailers have to plan their investments in e-commerce, contactless capabilities, and store technology upgrades. Because of these new trends, some of threats have come in 2021.



2021 Threats and Solutions to the retail industry

COVID-19 pandemic has shaken the retail sector. This situation has forced retailers worldwide to adapt to new consumer demands while juggling many problems. While the pandemic has shed light on the resilience of the retail industry, there are still looming risks for the next decade. Today, shoppers make 43% of their monthly retail purchases online, and retailers have met those needs, with 88% now selling online. As many retailers are changing their business models, going online increases the odds of success.



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Threats that faced by retail businesses in 2021

Cyber Threats
Cyber Threats

As consumers shift towards e-commerce, this space has also drawn the attention of cybercriminals. Over the year, the retail industry as a prime target of cybercriminals because an increasing number of online transactions increases the vulnerability of digital retail businesses. Cybersecurity should be a top priority for any retail business looking to get onto the e-commerce platform.

The Digital Threat
The Digital Threat

Maintaining a digital presence has become a core during the pandemic, as in-store shopping put on intermission. And it is becoming clear that these changes are here to stay for some more years. But it does not mean that consumers are not ready to shop in-store as well: Expect to see many returning through the coming year. Even in-person interactions do so under a digital front. Businesses have a tremendous opportunity in this digital commerce.

Supply Chain Resiliency Threat
Supply Chain Resiliency Threat

A resilient supply chain is its capacity for resistance and recovery. That means having the capability to resist or even avoid the impact of a supply chain disruption – and the ability to quick recovery from interference. COVID-19 influences supply chain logistics, suppliers, and workforces. Other supply chain disruptions can come in unexpected competition, sudden market trends, or even rapid changes in customer shopping behaviours.

Health and Safety Threats
Health and Safety Threats

Retailers believe health and safety concerns will decrease in 2021 due to vaccinations. Therefore, it becomes critical for retailers to go beyond standard sanitation practices to make their shoppers and employees feel safe about the physical space. Retailers are embracing new strategies should repurpose their communications for consistent messaging to make consumers understand that safety remains a top priority.

Solutions for retailers

Whether it is a cyber-threat, digital threat, or health and safety threats, IoT can overcome all retail challenges. 2021, adopted Retail automation by retailers in a better version for the solutions of all the threats towards the retail industry. Several IoT-Based services made things easy for retailers as well as consumers. For example IoT-based devices make run supply & chain operations smoothly, connected with integrated objects fitted with sensors and unique identifiers, giving them the ability to send and receive digital data. They collect data and communicate with the central system. AI can analyse and interpret this data to inform quick decisions and intelligent automation of workflows and processes across the supply chain. Retail automation also has all the possibility to make it happen again for retailers with smart integrated devices.

Conclusion

Now differentiated action will be required to stand out from the competition. Retailers in 2021 have faced more consequential decisions than at any time in the recent past. We hope that will be a year in which the promise of competition can finally come to fruition as retailers rapidly adapt to the new retail automated solutions based on Smart IAM IoT- based Integrated services. Retailers have been looking for the best-automated solutions to simplify their business processes, yet their choices often fall on the wrong software. We have the best retail solutions for safety, security, and business efficiency.