MKT324-Retail Management

Group Assignment

Group- 05

Name Enrollment Number

Rishi Bothra AU1910115
Krishil Shah AU1910190

Jinesh Shah AU1910111

Masum Patel AU2010122

Bashudev Bhandari AU2010237
 Technology in Retailing

Introduction
In light of the introduction of numerous technologies, the retail sector has undergone a
significant transformation. Retailers in the digital age are adjusting to the shifting needs and
tastes of their customers. Technologies in retailing refer to a broad range of instruments and
inventions intended to improve the shopping experience and optimize processes. Customers
may now easily shop online thanks to e-commerce and online marketplaces, which have
completely changed the nature of retail. Through smartphones and mobile apps, transactions
are now more easily available thanks to mobile purchasing and payment alternatives. The
emphasis of omnichannel retailing is smooth integration between online and physical
storefronts. Retailers are using artificial intelligence and data analytics to their advantage to
understand consumer behavior. Shopping experiences are becoming more immersive thanks
to augmented and virtual reality, and operational efficiency is being increased by automation
and robotics. Thanks to these technologies, the retail sector is undergoing a change that will
make it more customer-focused and adaptable to changing market conditions.
In the current retail environment, adopting and utilizing these and other emerging technology
is frequently necessary to maintain competitiveness and satisfy customer expectations.
Retailers that successfully use these innovations are able to maintain their agility, focus on
the customer, and growth position in a market that is constantly evolving. Without a doubt,
technology's continuing advancement will have an impact on commerce in the future.

Types of technology used in retailing:

 E-commerce Platforms:
 The foundation of internet shopping is e-commerce websites and online
marketplaces. They make it easier to browse, choose, and buy products online.
 E-commerce platforms are the foundation of online shopping, acting as
companies' virtual storefronts.
 Customers may safely explore product catalogs, choose things, and complete
purchases online with their help.
 Prominent systems such as Shopify, WooCommerce, Magento, and online
marketplaces like Amazon and eBay are a few examples.
 These systems frequently incorporate functionalities like shopping carts,
secure payment processing, customer account management, and product
listings.
 Mobile Apps and Websites:
 Shops can provide a flawless mobile shopping experience by optimizing their
websites and creating mobile applications.
  The growing trend of using smartphones and tablets for online shopping is
accommodated by mobile applications and mobile-friendly websites.
 Customers who buy on mobile devices may be assured of a smooth and
responsive experience thanks to optimized websites.
 Designed for certain operating systems (Android, iOS), mobile applications
provide extra features including more individualized experiences and push
alerts.
 Mobile Payment Solutions:
 Convenient as well as secure smartphone purchases are made possible by
mobile wallets and contactless payment methods.
 The use of smartphones for mobile payment solutions has completely changed
how customers make transactions.
 Customers may securely save payment information on their smartphones and
make contactless purchases with mobile wallets like Apple Pay, Google Pay,
and Samsung Pay.
 These techniques increase payment security while also making the point of
sale more convenient.
 Inventory Management Systems:
 These systems reduce overstocking and out-of-stock situations by tracking
inventory in real time using technologies like RFID and barcoding.
 Retailers need inventory management systems in order to monitor and control
their product inventory.
 Inventory levels may be tracked in real time thanks to technologies like
barcoding and radio-frequency identification (RFID).
 By preventing overstocking and out-of-stock scenarios, these technologies
help guarantee that items are available when customers need them.
 Supply Chain Management:
 RFID, IoT, and blockchain technologies help track products from production
to delivery, optimizing the supply chain. Technologies like blockchain, IoT,
and RFID make it easier to trace goods from manufacturing to delivery, which
improves the supply chain.
 Technologies used in supply chain management include a variety of
instruments and procedures that streamline the flow of goods from production
to delivery.
 Real-time tracking of goods across the supply chain is made possible using
RFID (Radio-Frequency Identification) tags, which increase inventory
visibility.
 The efficiency of the supply chain is increased by data on product location
and conditions provided by IoT (Internet of Things) devices and sensors.
 Blockchain technology reduces mistakes and fraud in the supply chain by
enabling transparent and secure record-keeping.
 Voice Assistants:
 Voice-activated assistants, such as Google Assistant and Alexa from Amazon,
are included into gadgets to provide voice-activated customer service and
purchasing.
  Many gadgets are equipped with voice-activated assistants, such as Google
Assistant and Amazon's Alexa, which enable voice-activated purchasing and
customer care.
 Voice commands enable customers to look for items, obtain information, and
complete transactions, increasing the ease and accessibility of purchasing.

Efficient Consumer Response

A collaborative process called Efficient Consumer Response (ECR) attempts to boost supply chain
effectiveness. Using technology can enable businesses to effectively manage their inventory and
supply chain in order to ensure efficient ECR. Following are the technologies that are currently been
used in retail industry to facilitate ECR:

1. Electronic Data Interchange (EDI)

Retailers and suppliers can communicate with one another through their computers using
Electronic Data Interchange (EDI). It facilitates better communication between trading
partners, streamlines paperwork, and automates the ordering process.

Retailers utilize a variety of applications for EDI, including:

 Microsoft BizTalk Server: An all-inclusive EDI solution with support for a range of
formats and protocols.
 Cleo Integration Cloud: An EDI program hosted in the cloud that facilitates smooth
integration and links companies.
 TrueCommerce EDI: An EDI program that makes sales channels more connected and
effective.
 Software AG: An EDI program that offers comprehensive data transformation and
integration services.
 GoAnywhere MFT: Secure data exchange and EDI standards are supported by this
managed file transfer program.

2. Radio Frequency Identification (RFID): RFID is a tool for supply chain visibility and
inventory tracking. Following are the technologies used for it:

 RFID Inventory Management System: When employing mass production, this software
solution is very helpful for inventory visibility. Numerous inventory-related tasks, including
item monitoring, reordering, and stocktaking, can be automated. The system transmits the
recorded information to the reader by using RFID readers to scan the RFID tags on the goods.
The data may consist of item names, descriptions, quantities, locations, and other pertinent
information.
 RFID Asset Tracking System: Using RFID technology, this software program tracks assets
including machinery, tools, and cars in real time. It may assist businesses in increasing
operational effectiveness, decreasing theft and loss, and better using their assets.
 RFID Warehouse Management System: This software program uses RFID technology to
manage warehouse functions including order fulfillment, inventory control, and shipping. It
may assist businesses in increasing customer happiness, decreasing mistakes, and optimizing
warehouse efficiency.
  RFID Supply Chain Management Software: This program uses RFID technology to handle
supply chain activities including distribution, production scheduling, logistics, and
procurement. It may assist businesses in cutting expenses, raising customer response, and
improving supply chain visibility.

Point of Sale (POS) Systems: These systems track sales activity, determine the cost of
products sold, and provide clients with receipts. Examples of software technology utilized in
point-of-sale systems include as follows:

 Shopify POS: This cloud-based point-of-sale software enables companies to sell

products online, in-person, and even on the road. It provides functions including
customer and inventory management as well as sales analytics.
 Square POS: This free point-of-sale software enables companies to track sales,
manage inventory, and take payments. It provides functions including staff
management, real-time inventory tracking, and gathering client feedback.
 Toast POS: Specifically built for eateries, Toast POS is a cloud-based point-of-sale
system. It has functions like order taking, menu administration, and payment
processing.
 Lavu POS: Designed with restaurants and bars in mind, Lavu POS is an iPad-based
point-of-sale system. It provides options including tableside ordering, customizable
menus, and real-time sales reporting.
 Lightspeed POS: Specifically tailored for retail enterprises, Lightspeed POS is a
cloud-based point-of-sale system. Features including customer and inventory
management, as well as sales analytics, are available.

3. Electronic Shelf Labels (ESLs): ESLs are used to electronically display product details and
costs. Here are some instances of software applications for ESLs:
 Electronic Shelf Label (ESL) Solution for Panasonic: For individual or chain retail
stores, this system offers centralized, dynamic, and interactive price and product
information. To electronically display product information and pricing, it makes use
of e-paper display modules. Numerous pricing-related tasks, including item
monitoring, reordering, and stocktaking, may be automated by the system. 1.
 Electronic Shelf Label (ESL) System by Allsee Technologies: The pricing of products
is shown on shelves and is automatically updated by this system. Label management
software, communication controllers, and e-paper display modules make up its three
parts.
 Sollum ESL &Digital & Electronic Shelf Label System: This system uses e-paper
display modules to produce digital price tags for goods. Retailers may use it to lower
labour costs, increase price accuracy and improve operational efficiency.

4. Collaborative Planning, Forecasting, and Replenishment (CPFR): This approach to company

planning and consumer fulfillment integrates the knowledge of several trade partners. The
following are a few instances of software technologies utilized for CPFR:
 PipeChain: To guarantee that supply meets demand, PipeChain provides effective
cooperation processes such order fulfillment, delivery, and forecasting while warning
the appropriate parties of any potential delivery issues.
 Manugistics: Manugistics was among the first businesses to provide software for
cooperative operations.
  SAP: SAP provides CPFR software solutions, such as CPFR Output Simulation for
Collaborative Planning, Forecasting, and Replenishment.
 Oracle Advanced Supply Chain Planning is one of the software options for CPFR
provided by Oracle.

Technology Adoption: Trends and Challenges

In the ever-evolving world of technology, the adoption of new innovations and trends plays a
key role in shaping our world. While these trends offer tremendous opportunities for
advancement, they also come with a unique set of challenges that must be addressed to ensure
a balanced and inclusive technology future.

Trends:

Artificial Intelligence (AI) and Machine Learning: Artificial Intelligence and machine
learning have emerged as major disruptors across industries. They enable machines to learn
from data, adapt to new information, and perform tasks that traditionally require human
intelligence. This trend has given rise to chatbots, self-driving cars, predictive analytics, and
more. In healthcare, AI is assisting in diagnosing disease, while in finance, AI is
revolutionizing fraud detection and trading strategies.

5G Technology: The launch of 5G networks marks a major technological leap. This next-
generation cellular network promises lower latency, ultra-fast data speeds and more reliable
connections. It will redefine how we connect and communicate, laying the foundation for
innovative applications such as the Internet of Things (IoT), smart cities, and augmented and
virtual reality.

Remote work and collaboration tools: The COVID-19 pandemic has accelerated the shift
to remote work and the adoption of collaboration technologies. Video conferencing, project
management software and cloud-based tools have become integral to businesses, enabling
teams to work seamlessly across locations. This trend is expected to continue as hybrid
working models become more common.

Challenges

Cybersecurity: As technology continues to be adopted, so does the scope of threats.

Cyberattacks, data breaches and ransomware attacks are becoming more sophisticated and
frequent. Protecting sensitive data and critical systems has become a top priority, requiring
continued vigilance, investment and innovation in cybersecurity measures.
Privacy Concerns: The collection and use of large amounts of personal data for various
purposes raises concerns about individual privacy. Striking a balance between using data to
innovate and protecting individual privacy rights is a challenging task. Regulatory
frameworks such as Europe’s General Data Protection Regulation (GDPR) are trying to
address this issue.

Digital inclusion: Not everyone has equal access to technology. The digital divide, caused by
differences in access to the internet and technology devices, creates inequalities in education,
employment and opportunity. Closing this gap and ensuring equitable access to technology is
critical to social progress.