The technologies that retailers have deployed over the years, to serve their distributed networks, are without standards. Going forward, technology is likely to be a key differentiator to bring about efficiencies, save on costs and offer better services to customers. The problem with old technology is that there are no standards and in many instances, one does not integrate with another.
Retailers can deploy and leverage the power of IT in the following domains of their business:
- Manpower Training – Retailers need to gear up with good people management programs. One way this can be done is through certification programmes.
- Real Estate Management – IT can be leveraged to provide project management capabilities to monitor the progress of store launches. Timely launch of retail outlets can provide a good head start for retailers and save significant funds as well.
- Supply Chain Visibility – IT can help retailers set up basic forecasting, replenishment and supplier management solutions to improve supply chain management. Starting from sensor based inventory management to RFID based control over the inventory coupled with
GPS based tracking; IT can help in maintaining the optimally minimal inventory enabling reduced input costs
- Store Operations – Innovative use of Intelligent Video Analytics, point-of- sales terminals and sensor-based shop carts can help retailers enhance customer experience and simultaneously reduce costs by controlling shrinkage.
- Logistics management – Retailers can leverage IT for back-end support. GPS technology is
extremely useful in real time tracking of the goods moment.
Today 15% of Shoppers Stop networth is invested in its IT Systems and has one of the lowest shrinkage levels. Additionally, 50% of consumer shopping experience is dependent on availability of merchandise and the ease and speed of check out @ billing counter. IT plays a very handy role in both of these.