| The usage of technology has always benefited the | | | | systems while gathering more information throughout |
| retail industry. It has made the industry more | | | | a supply chain. RFID's can also act as a security guard |
| organized, accountable and efficient. There is a lot of | | | | at gateways. It can also conduct automatic |
| scope for the implementation of technology. | | | | inventories and reduce stock outs and overages. |
| However we notice that many retailers do not know | | | | Accounting discrepancies can also be removed. |
| the power of technology which would have immense | | | | Database management systems give retailers |
| impact on the growth of sales if implemented. There | | | | efficient tools for profiling customers and managing |
| is a vast growth in technology but retailers still lag | | | | every point of sale transaction. Well managed and |
| behind in implementation. | | | | carefully arranged files make it easy to access data |
| Technology has grown in leaps and bounds over the | | | | from a database. Even a non-programmer can access |
| last decade and will continue to grow in a geometric | | | | a database using certain built-in tools. |
| progression. Moore's law states that "The number of | | | | Large scale markets and malls in India demonstrate a |
| transistors on an integrated circuit will double over | | | | good usage of technology in parking spaces; billing |
| every 18 months". Moore is the co-founder of | | | | counters and security. The data captured can be |
| technology giant Intel. This law changes ones | | | | used in many ways to give insights on sales and |
| perspective on what impact technology and its | | | | increase profitability. The usage of technology does |
| applications can have over every industry. | | | | not end here. It can be used as a powerful marketing |
| In the retail industry profits are not made through a | | | | tool. Having a website or an online shop can increase |
| single transaction but by establishing a rapport and a | | | | sales and also advertise products. It is another |
| long term understanding with customers. Getting the | | | | avenue to generate revenue and attract more |
| customers to be loyal to a store is not an easily | | | | people to stores. |
| accomplished task. It's all about building reputation and | | | | Technology has vast and major implications in virtual |
| studying a customer's patterns over a period of time. | | | | shopping, where a customer can shop anything he |
| Profiling of customers help a long way in establishing | | | | wants within a few clicks of a button. The best part |
| a rapport and technology can be used in | | | | of having an online shop is that it is accessible all the |
| accomplishing this. | | | | time. Most stores have a integrated online shopping |
| RFID or Radio Frequency Identification is a | | | | option which enables customers sitting from their of |
| technology that was invented about 60 years ago | | | | offices. |
| but has found its application in the Retail industry only | | | | Before introducing any new technology to a retail |
| recently. Radio frequencies are unique, so its | | | | store, a retailer need always ask himself whether it is |
| applications lie vastly in identifying objects uniquely. | | | | going to benefit the customer in some way or |
| The number of suppliers using RFID has increased by | | | | increases his profitability. |
| leaps and bounds plainly because they will cease to | | | | Retail is an industry that is always playing catch up |
| be suppliers if they do not do so. RFID can be | | | | with technology. There is so much scope for retailers |
| incorporated into existing supply chain management | | | | to implement technology in their business. The |
| which can reduce the labor required to monitor the | | | | challenge they are facing right now is about how |
| goods movement and inventory flow. Used along | | | | they can go about integrating technology into their |
| with a bar code system RFIDs can allow | | | | business and making it work together as a team to |
| manufacturers and retailers to complement existing | | | | derive the best possible results. |