Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Retail Re-imagined

Retail Re-imagined – 3 key issues in the new world of Omnichannel

As personalised consumer-centric experiences are fundamentally changing the way we shop, high street retail stores are not dying, but they are definitely changing. With this comes opportunities for the sector but also significant risks, according to insights from leading law firm Russell McVeagh.

Special Counsel Liz Blythe says that retail is becoming increasingly omnichannel with the new high street no longer distinguishing between online and offline customers, and physical stores becoming highly integrated, with digital platforms designed to encapsulate the best of both online and offline worlds.

This technology-driven customer experience is allowing retailers to engage with customers by adapting to shoppers' preferences and customising online and in-store interactions prior to, during and post purchase. Technology is improving customer experience in almost every aspect of the retail supply chain, which is in turn, driving even higher expectations from shoppers.

"Drone technology, for instance, potentially offers faster, more flexible and less expensive delivery options, and we are also seeing continued investment in automated warehousing, robotics, AI demand planning and consolidated online and offline inventory systems. Payment is another aspect of retail undergoing change," she says.

While this highly-connected and personalised brand of retail presents significant opportunity, it also gives rise to potential risks:

1. Data ProtectionAn enormous amount of personal information is required in order to deliver the depth of personalisation that omnichannel retail boasts. However, in collecting and processing so much personal data, organisations will need to be careful to comply with applicable privacy and data protection legislation, including in some cases, Europe's new General Data Protection Regulation.
2. Security VulnerabilitiesThe highly digitalised nature of omnichannel retail makes cyber risk especially relevant, particularly when combined with the vast amounts of personal information involved in the provision of the service, and use of cloud service platforms and connected devices.
3. Ethical use of AI and Emerging TechThe use of AI-powered digital advisors and analytical marketing tools to target and influence consumers has sparked widespread international debate regarding the ethical use of AI and also called into question issues around the attribution of liability when things go wrong.

Notes to Editors:

For more insights, see the full article attached and available here.

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.