Information technology plays a major role to reduce complexities in the retail process, improve productivity, cut down costs through accurate sales forecasts, better warehouse management, and optimal use of inventory through real-time data monitoring. An effective supply chain management enables manufacturers to better safeguard its shipments by tracking the products.
Technology in retailing has helped high performance companies to be by more flexible and its proactive measures addresses changing marketplace scenario through innovation and refined business processes. An IT strategy in retail also increases customer satisfaction and improves brand loyalty.
Technologies adopted in Retail
Radio Frequency Identification (RFID)
RFID has solved various complexities and problems associated with customer service and brings improved shopping experience to consumers. This has immensely helped retailers to track down the item and check its availability in quick turn around time through embedded smart chips. RFID-enabled tags store information electronically just like bar codes but much faster to scan and read information at varied distances.
Software solutions for supply chain management
CRM has been widely used to strengthen the supply chain management. This involves collecting, managing and collating information of customers like purchase history, demographics, etc. Customers are even sent personalized messages and provided a smooth walk through of sales and marketing process.
SmartOps customers are proactively managing supply chain uncertainty across all stages to improve their total chain inventory planning, so that their customer service levels can be stabilized and even increased while overall costs to the business are minimized.
SmartOps inventory optimization solutions helps the retail market to manage inventory related information in detail, location and period-wise. This data allows retailers to maintain safety stock levels and improve supply channels.
Point of Sale (POS) – Deploy once, Run everywhere
POS involves securing details of a transaction at the time of sale through an automated business process through bar code readers, optical scanners and magnetic stripe readers. This minimizes the hassles in standing in long queues for the purchased items to be put in shopping carts saving the precious time of customers. Point of sale system enables retailers to check daily transactions in the computer and update inventory instantly on continuous basis. This system is invaluable for honing marketing strategies; tracking purchases of suppliers, identify customer purchase behavior patterns, analyze sales, and generate reports for purchases, reorders, etc.
e-tail
This is fast becoming the most preferred way of online shopping of products and services through E-Commerce & m-Commerce solutions which offers endless customization and user-friendly features. e-tail is highly recommended for retailers to manage their retail store effectively, enhances visibility across multiple channels and locations in real-time, and makes merchandising simple and easy.