When Home Depot and Target experienced large-scale security breaches on payment systems in 2014, it hit those top retailers hard: Criminals stole millions of consumers' debit and credit card data; the companies lost hundreds of millions of dollars in fines and lost sales; and their brand reputations suffered.
That someone had to take the fall for the massive breach at Target is neither surprising nor unexpected. The only question is whether more heads will roll in the aftermath of one the biggest data compromises in retail history.
Amazon's ambitious plan to use flying drones to deliver packages is far-fetched, but not just because of technology limitations or air traffic regulations. Amazon's fulfillment center network, as it stands now, is too limited to serve even a tiny fraction of the U.S. in the method described by CEO Jeff Bezos.
Genesco, a specialty retailer of footwear, sports apparel and related accessories has sued Visa USA for $13.3 million in fines that were assessed against the company after a credit card data breach in 2010.
For the retailing industry, the adoption of radio-frequency identification (RFID) technology this decade has been one long, strange journey: Periods of irrational exuberance followed by times of great frustration and confusion; expensive pilot projects riddled with technical, standards-based and cost complexities; and a widespread belief among those retailers or CPG manufacturers that were forced into the RFID universe that it is a technology solution in search of a problem.
Anyone in the retail industry will tell you that times are tough. Margins are tight and competition is fierce. Low consumer confidence, the absence of economic stimulus, and consecutive rises in interest rates did not help Christmas sales figures, resulting in shoppers spending less than the year before. In 2010, the main thing CIOs need to ensure is that their IT systems don’t impede their ability to handle the difficult economic environment. The systems must work reliably, must be cost effective, and must support the business in its efforts to move ahead. The essential importance of these factors are often overlooked.
An exclusive look at a new RSR Research survey of retailers shows serious problems mounting inside today's retail IT shops -- including a vicious cycle with legacy apps that's hurting businesses at a particularly bad time.
In the fashion retail business, speed is what separates the chumps from the Valentino's. How fast an organization can respond to new customer demand is key. And when creatives and seamstresses are all driven to turn around ideas quickly, frittering the time gained makes a mockery of the system.