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.
Role of Technology in the Retail Industry
Point of Sale
Until very recently, customers have had to stand in long lines to purchase their merchandise. 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.
The use of technology in retail has also made payment processes easier with contactless payments. These payment methods use RFID or NFC technology to allow the customer to make their purchase with their smartphone or even watch. This technology has eliminated the need for passwords or PINs and has streamlined the checkout process for customers. Faster transactions have led to higher sales volumes in stores that offer remote POS and contactless payments.
When customers have to wait in long lines to purchase their items or can never find an associate to help them out, they get frustrated with the store and their satisfaction goes way down. 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. Technology is also being used by companies to offer their customers virtual views of products through augmented reality. Augmented reality allows customers to get a better idea of what they want to purchase before they make their final decision. With this technology, businesses have improved the experience of their customers and increased their sales.
Management of Inventory
The practice of managing inventory has always been very costly for businesses. 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. With technology tracking items and offering real-time updates about the items, managers have a much better sense of what is being purchased and what items they need to order to keep their merchandise stocked. When technology is used to keep track of inventory, store merchandise is more organized and the potential for employee theft is drastically decreased.
Just like with inventory management, price auditing has been a time-consuming and costly process for businesses. Price auditing is necessary, though, for companies to ensure that they’re not overcharging or undercharging their customers. 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.
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. What new technology have you implemented in your company recently?