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Role of Technology in Retail Industry

Staying up-to-date with the technology in your industry is essential to stay ahead of the curve.

Technology is changing the way many businesses operate for the better of the company and its customers.

Technology is enhancing many industries from financial institutions to retail outlets. It is important that companies stay up-to-date with the increasing changes and enhancements technology is creating for their business. In the retail industry, technology is changing the way many aspects of the industry are conducted.

  • Point of Sale

    Thanks to technology, though, customers can check out from wherever they are in the store through handheld computers, scanners, and printers. This has significantly improved the satisfaction of customers because before, about 10% of customers would leave without making a purchase if they had to wait a long time in a long line.

  • Customer Service

    Technology changes this by offering customers the help they need with self-help kiosks. These kiosks have helped businesses save money and increase the satisfaction of their customers. Machines like self-help kiosks are an excellent application of IT in the retail industry. Technology has also improved the way customers shop online by providing a more personalized shopping experience.

  • Management of Inventory

    With technology that can track inventory through its purchase cycle and offer real-time information about the product to management, inventory management has gotten better and is costing companies a lot less. When technology is used to keep track of inventory, store merchandise is more organized and the potential for employee theft is drastically decreased.

  • Price Auditing

    Technology has streamlined this process by automating price checks when products are scanned. This creates more accurate pricing, saves store employees a lot of time and creates better trust between the store and the customers. The impact of this information technology in retaining has been very great and beneficial.

What new technology have you implemented in your company recently?

Technology is changing many industries and benefitting many companies and customers. It is essential that companies stay up-to-date with changing technology and ensure that they are utilizing all technology that is available to them. Technology is not only making jobs easier, customers happier and businesses more accurate, it is also saving companies time and money.

Retail Trends

  • Sustainability paradigm shift

    The retail industry is a major contributor to global carbon emissions, and retailers have a big role to play. Although there is a big moral aspect to this, there is also a significant business opportunity. Some retailers have sustainability on their agenda, but those who don’t prioritise it now are at risk of not surviving the next 5-10 years.

  • The re-invention of retail continues

    Customers expect unique experiences, both in store and online. Whether that be through curated marketplaces, connected spaces or digital journeys, customers are wanting to have an emotional connection to their shopping experience.

  • Purpose is the new digital

    An authentic purpose is now as important as digital to the next generation of customers. Brands that have a cause have more meaning in the eyes of consumers. As retailers start putting purpose at the core of their business, they will have to rethink what they stand for and define the commercial model required to deliver it.

Saving time and money on technology. Let’s go