Future of technology in retail

The use of technology has always benefited the retail industry. It has made the industry more organized, responsible and efficient. There is a lot of scope for the implementation of the technology. However, we note that many retailers are unaware of the power of technology which, if implemented, would have a huge impact on sales growth. There is huge growth in the technology, but retailers are still lagging behind in implementation.

Technology has grown by leaps and bounds over the last decade and will continue to grow in geometric progression. Moore’s Law states that “The number of transistors in an integrated circuit will double every 18 months.” Moore is the co-founder of the tech giant Intel. This law changes the perspective on the impact that technology and its applications can have in each industry.

In the retail industry, profits are not made through a single transaction, but by establishing a long-term relationship and understanding with customers. Getting customers to be loyal to a store is not an easy task to accomplish. It’s about building a reputation and studying a customer’s patterns over a period of time. Customer profiling goes a long way in building rapport and technology can be used to do this.

RFID or radio frequency identification is a technology that was invented about 60 years ago, but has only recently found its application in the retail industry. Radio frequencies are unique, so their applications largely lie in uniquely identifying objects. The number of vendors using RFID has increased by leaps and bounds, simply because they will cease to be vendors if they don’t. RFID can be incorporated into existing supply chain management, which can reduce the labor required to control the movement of goods and the flow of inventory. Used in conjunction with a barcode system, RFID can allow manufacturers and retailers to complement existing systems while collecting more information throughout a supply chain. RFID can also act as a security guard at gateways. You can also perform automatic inventories and reduce stockouts and overages. Accounting discrepancies can also be eliminated.

Database management systems provide retailers with efficient tools to profile customers and manage each transaction at the point of sale. Well-managed and carefully organized files make it easy to access the data in a database. Even someone who is not a programmer can access a database using certain built-in tools.

Large-scale markets and malls in India demonstrate good use of technology in parking spaces; check-in counters and security. The data captured can be used in many ways to provide sales insights and increase profitability. The use of technology does not end here. It can be used as a powerful marketing tool. Having a website or online store can increase sales and also advertise products. It is another way to generate income and attract more people to the stores.

The technology has broad and important implications for virtual shopping, where a customer can buy whatever they want with a few clicks of a button. The best part of having an online store is that it is accessible all the time. Most stores have an integrated online shopping option that allows customers to sit down from their offices.

Before introducing any new technology to a retail store, a retailer should always ask themselves if it will benefit the customer in any way or increase their profitability.

Retail is an industry that is always trying to catch up with technology. There is a lot of scope for retailers to implement technology in their businesses. The challenge they face right now is how they can integrate technology into their business and make it work as a team for the best possible results.