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How Has Technology Changed the Retail Industry

Oct 17th 2018

How Has Technology Changed the Retail Industry

Technology is revolutionizing the way we conduct business. Industries are completely changing the way they execute their services from archaic techniques to using modern technology for most of their needs. To accommodate this fast paced era, technology has become an absolute necessity. One of the industries that technology has really transformed is the retail industry. The retail business can be the trickiest to get right due to many factors, and technology has undoubtedly helped to counter many of the hurdles that come with having a retail business. Here are a few of the ways in which technology has changed the retail industry.

Changed the Way Supply Chain Is Managed

Technology has majorly changed supply chain management, in particular, the service side of things. Real time delivery, cross docking and third party logistics are a few of the ways technology has improved the way supply chain is managed for retailers.

More Than One Place to Make a Quick Purchase!

Instead of having to go to one physical outlet, the technology of social media has allowed many avenues through which customers can browse products, read through reviews and buy.

Shopping On the Go!

The ease for customers to shop from the comfort of their home or any other place has really revolutionized the retail industry, as now business is taking place 24/7 rather than within the confines of the set hours of the workday. Consumers can make big purchases through their small smartphones, making it insanely accessible for the majority of the people.

Go International!

Technology has helped to transform the world into a global village, with the exchange of knowledge, experiences and so much more happening from our fingertips. People can peruse your store and order your products sitting all the way across the world, just through the use of technology. This helps retailers expand their business and operate all around the world without having to physically set up shop there.

Customer Insights

Retailers can now closely follow customer trends, helping them figure out which products are attracting customers the most. The fact that you can live chat with your consumers also helps to figure out their thoughts and work more closely with them to help you improve your business and for retailers to work in line with their customers likes and dislikes. Analytics can also show retailers the characteristics of their audience, helping to target and cater to them effectively.

Understanding the MarketRetailers through the use of technology can have a better understanding of their market. Technology aids retailers to competitively price their products, by doing research of other markets and their prices as well as their products.

Eliminates the Need for Cashiers

Retail stores have to pay extra money on utility bills and paying employees working to maintain the store and to help keep it functioning. Technology has allowed retailers to take their business online, without the need for cashiers. Technology has also helped retailers keep a better track of their money and accounts, as clouding systems and online booking has made it insanely easy for retailers to keep all their business in one place, and eliminate the need for physical labor.