Using technologies have always benefited the retail industry. It’s made the more organized, accountable and efficient. There’s lots of scope for that implementation of technology. However we observe that many retailers don’t know the strength of technology which may have immense effect on the development of sales if implemented. There’s an enormous development in technology but retailers still lag behind in implementation.
Technologies have grown in a lot during the last decade and continuously grow inside a geometric progression. Moore’s law claims that “The amount of transistors with an integrated circuit will double over every 18 several weeks”. Moore may be the co-founding father of technology giant Apple. This law changes ones perspective on which impact technology and it is applications might have over every industry.
Within the retail industry earnings are not provided via a single transaction but by creating a rapport along with a lengthy term understanding with customers. Obtaining the people to be faithful to an outlet isn’t an easily accomplished task. It is all about building status and studying a customer’s patterns during a period of time. Profiling of consumers help a lengthy means by creating a rapport and technology may be used in completing this task.
RFID or Rf Identification is really a technology which was invented about six decades ago but finds its application within the Retail industry only lately. Radio frequencies are unique, so its applications lie vastly in identifying objects distinctively. The amount of suppliers using RFID has elevated by a lot plainly simply because they will stop being suppliers if they don’t achieve this. RFID could be integrated into existing logistics management which could lessen the labor needed to watch the products movement and inventory flow. Used plus a barcode system RFIDs makes it possible for manufacturers and retailers to enhance existing systems while gathering more information within a logistics. RFID’s may also behave as a burglar guard at gateways. It may also conduct automatic inventories and lower stock outs and overages. Accounting discrepancies may also be removed.
Database management systems give retailers efficient tools for profiling customers and managing every location of purchase transaction. Well managed and thoroughly arranged files allow it to be easily accessible data from the database. A non-programmer have access to a database using certain built-in tools.
Massive markets and malls in India demonstrate a good use of technology in parking spaces billing counters and security. The information taken may be used in lots of ways to provide insights on sales while increasing profitability. Using technology doesn’t finish here. You can use it like a effective advertising tool. Getting an internet site or perhaps an online shop can increase sales as well as advertise products. It’s another avenue to create revenue and get more individuals to stores.
Technologies have vast and major implications in virtual shopping, in which a customer can shop anything he wants inside a couple of clicks of the mouse. The best a part of getting an online shop is it is obtainable constantly. Most stores possess a integrated online shopping option which helps customers sitting using their of offices.
Before presenting any new technology to some store, a store need always ask themself whether it will help the customer in some manner or increases his profitability.
Retail is definitely an industry that’s always playing meet up with technology. There’s a lot scope for retailers to apply technology within their business. The task they’re facing at this time is all about how they may start integrating technology to their business and which makes it interact together to derive the best possible results.