Technologies in Retail

The retail shops have grown over the years from the road side grocery shops to the more hi-tech retail store with efficient inventory management and more customized services to the customers. Thanks to the new technologies which are helping the retailers to keep up with the trend. There are different technologies like RFID, internet, and the wireless technologies that are helping the retailers in different ways and different aspects of their business.

RFID Technology:
It provides an effective solution over the traditional bar code technology. The inventories can be tracked form the source of manufacturing till the finished goods are delivered to the customers. This help in managing of the inventory, cutting the cost on holding additional inventory, finding out what product or the inventory are to be replenished and many more.
It also helps the retailer to keep a record of the purchasing pattern of their customers, the products they mostly reach out and the products they buy more often. Thus this record can be used to provide customized services and retain the customers as loyal ones.

Touch screen kiosks:
The retailers are coming up with these small monitors placed in their shop which have a screen on which are displayed all the products available with the retailer. The customer just has to touch the catalogue which it wants to browse and the list is displayed. It is all that convenient. This helps the customer to locate where the product is in the shop and all the details of the products available.

E-retailing:
It is the buzz word now. The method is convenient and all that is required is to publish a website which gives the detail of the products that are available in the shop. The retailer here makes a site which can be called as the virtual retail shop. The page contains all the products available under different heads, the shipment details and the mode of payment window. The customer can browse through the entire catalogue, place their orders and make an online payment. The goods then are shipped at their place. This prevents the customer to visit the shop and make the purchases.

Internet facilitates the big retail owners to connect the different branches through internet and intranet. The technology thus gives many benefits to the retailers which can be summed up as:

1. Providing customized services to the customers
2. Reduce theft in the shops
3. Reduce cost
4. Manage inventory and the supply chain
5. Connect with the suppliers and promote healthy relations
6. Reduce the employee staff and thus cut down the cost