Technology has allowed retailing companies to service their customers more effectively through enhanced innovation and R&D, says Nilesh Gupta
The relentless advancements in technology and digital innovation have propelled a new age in the retailing industry. Retailing players are constantly evolving their operational frameworks as new-age technological enhancements continue to redefine the way businesses engage the market and customers. From product formulation to designing and retailing, technology is transforming every aspect of the retail sector. It is imperative for companies to adopt the latest technological systems to improve work productivity and stay at par with international standards and competitors.
Technology has seemingly revolutionised the way retailing businesses operate. Earlier, people would spend hours queuing up at stores and sifting through a wide array of products. Now with the advent of various digital technologies and customers becoming tech-savvy, brick and mortar retail outlets must adapt to the shifting winds and embrace the technological evolution. The customers, too, expect no less from their preferred retailers. While online shopping is certainly gaining vast popularity and is fast becoming a global trend, a considerable percentage of people still prefer buying goods from offline retail stores. Albeit, in an innovated avatar. Though the pandemic acted as a growth catalyst for the online retail sector, physical retail stores are also witnessing a brisk rise in football as things slowly return to normalcy.
Let’s see how technology is fast disrupting the industry with the growth of state-of-the-art digital retail software, automated purchasing, electronic transactions, etc.
POS
A cutting-edge ‘Point of Sale’ system enables retailers to speedily view a vast surfeit of livestock inventory, commence electronic transactions and extend digital marketing tools like electronic receipts to the customer. A POS system is a must-have for every retailer who aspires to impart a new-age seamless buying experience to customers. The latest POS aids in a smooth and streamlined transaction by instantly collating consumer data and showcasing the entire stock of all the floors. It also allows customers to confirm a transaction from anywhere on-shop and view offerings through handheld computers, printers and scanners. This has substantially boosted overall customer experience as before, some people would depart without buying anything due to long queues at the counter.
Contact-free
Technological optimisation in the retailing sector has also offshoot the rise of contactless payment mechanisms. These touchless payment modules utilize RFID or NFC technology that allows buyers to view or purchase items directly due to their smartphone devices. This tech upgrade has removed the contingency of passwords or PINs and has made the checkout process way more convenient and smooth. Accelerated transactions through advanced POS and contactless payments naturally translate into increased sales margin for retailing companies.
Friendly shops
Remember getting exhausted while struggling to reach the transactional counter or not getting the required help during article selection. Technology resolves this predicament through the arrival of customer-friendly self-help kiosks. These intelligent automated kiosks have shepherded the onset of IT technology in the retail industry. They are highly efficient in enhancing customer satisfaction and bringing down costs simultaneously.
Inventory management
Manual management of retail inventory has always proven to be a very expensive and tedious process for businesses. With the dawn of digitisation, technology can allow retail keepers to monitor inventory through its procurement cycle while extending hands-on data for official perusal. Managing inventory has become a lot easier and is costing companies quite less due to reduced effort and time. Now, store managers have a better idea of what consumers demand more and which goods the store is running short of. By leveraging technology, store inventory management has become more streamlined and the potential for theft has also reduced.
Price audit
Similar to inventory management, price auditing was also a lengthy and expensive process for retail companies. Price auditing is an essential business aspect for warranting that companies are not overpricing or underpricing their customers. Technology has transformed this time-consuming process via automatic price checks whenever products are counter-scanned. This leads to better and accurate pricing, saves time and increases brand reputation through enhanced customer service. The use of price auditing technology has proven to be a boon for the retailing industry.
Technology has been the transforming power for countless industries that have boomed phenomenally on its account. It has made business operations far more agile, nimble, seamless and precise. It has allowed retailing companies to service their customers more effectively through enhanced innovation and R&D. The pandemic, too, has further spawned the preference for contactless payment modes and digital buying experiences. Retail players who capitalise on the technological surge would surely benefit massively than those who fail to do so.
(The writer is the Director, Vijay Sales.)