retail technology trends

Retail Technology

Members:Abhishek Mishra

Sidharth VDBishwarup Mitra

Hiral ShahPooja Doshi

Shakambri SoniVidisha Singhania

Introduction

• The next five years will bring more change to retail than the last 100 years – CEO Shopkick

• All thanks to technological improvements

• Drop ‘Run the business’ strategy hat and wear the ‘Change the business’ one.

Technology Trends RequirementCustomer experience • Exploring the technologies that impact a customer’s

experience in the store, online and across different channels.

Data and analytics • Identifying new forms of data and new opportunities to

improve operations and better understand customer behaviors.

Infrastructure and core IT • Demonstrating how cloud and related technologies could

streamline operations, lower costs and strengthen the business overall.

Existing Technologies

CASH DRAWER RECEIPT PRINTER BARCODE SCANNER SCALES

CHEQUE READER POLE DISPLAY DIGITAL SIGNATURE PAD DEBIT/ CREDIT CARD READER

PORTABLE DATA ASSITANT LABEL PRINTER DISPLAYS All IN ONE POS

For Security

CCTV Camera DETECTIONS DOORS

SECURITY TAGS DETACHERS

Enterprise Resource Planning

Emerging Trends In

Technology

Omni channel customer experience

• Omni-channel means empowering a sales channel to enable more cross channel

activities using various tech- nologies.• Examples• Click and collect service • Accept customer returns and refunds for products bought online • Store kiosk for browsing and payment for products.

Big data and Customer• A next generation customer analytics.• To track customer shopping and behavioral analytics• To target customers with personalized offers.• Apart from predictive analytics to predict/suggest

products & services. Big data initiatives to: Improve merchandising Supply chain Marketing and promotions Store operations decisions

Quick Response(QR) Codes.To provide the consumer with more information on the product before they make their purchase, as well as allow them to make the purchase right from their phone. Also:

To prompt new products Offer coupons Compare prices in other stores And allow direct online shopping.

Linked to the store inventory and can actually tell us the quantity, size and color currently in stock of the product scanned.

Smart Phones & Mobile Apps

• Smart phones. The majority of shoppers will have mobile apps and connectivity anywhere they go.

Example:

• Using the retailer’s mobile app, Customer snaps a picture of the shoes. The app recognizes the shoes and automatically gives them the price and the availability of the size at a nearby physical store.

SoLoMo Strategies in Retail

• The intersection of social, local and mobile information — is helping to boost overall conversions for retailers.

• “Social drives traffic; Local drives action; and Mobile drives opportunity.”

• As many as 80% of shoppers access social networks on their mobile devices and 96% of consumers research a product or service on their phones.

• As a result, retailers are adding product information (54%), store information (42%) and customer reviews and pricing (34%) to their mobile sites.

Voice Hardware for Warehouse• Apart from Barcode Scanners ,RFID and Barcode Label

Printers.

• Voice technology is new to the warehouse management hardware scene.

• Voice-directed picking to determine the amount of goods to be picked up.

• These devices are fastened to a wireless computer, and data is transmitted to the device at the time of picking.

• Huge time saver in world of ecommerce.

Tunner Scanner

Contactless Payments• Contactless technology- uses programs like Visa’s payWave or

MasterCard’s PayPass and eliminate the need for consumers to enter a PIN or sign a receipt for purchases.

• Contactless transactions speed up the payment process as much as 25 percent, providing greater shopping convenience.

• It reduces cash-handling costs for retailers and can be integrated into rewards programs .

• Eliminates the need to carry around physical punch or stamp cards

• Retailers -increasing the number of contactless payment terminals across the country by 250 percent YoY

• Consumer purchases using contactless payment increased 100 percent YOY.

Apple Pay-NFC System• Start by hitting the Passbook icon on your

Home Screen.

• Then select which card you'd like to use.

• Place your finger on the home button to confirm your purchase.

• And you're done! Here's your receipt.

Virtual Shopping• Tesco's Homeplus grocery store chain found when it

introduced virtual stores in the country's subway stations.• They are printed graphics on subway walls that mimic a real

store display, with a variety of products and brands stacked together just as they would be on a store shelf.

• Every item has a QR code for purchases. People can quickly scan the code to purchase their products, and the food /items will be delivered to their homes.

• Reducing the need for working population to take time out of their busy day for grocery shopping.

• Increases its online sales by 130 percent.

Augmented Reality• Augmented reality (AR) is when an object is not

present in the real world, but appears to be because of a view showing a modified version of reality.

• Furniture to Lens to Watches etc.

Bibliography

http://www.informationweek.in/informationweek/perspective/286591/emerging-technologies-transforming-retail-industry-vertical?utm_source=referrence_article

http://www.informationweek.in/informationweek/perspective/286591/emerging-technologies-transforming-retail-industry-vertical?utm_source=referrence_article

http://www.inboundlogistics.com/cms/article/voice-technology-frees-the-warehouse-workforce/

http://www.logisticspartners.co.uk/businessbriefings/voice-technology-does-your-warehouse-need-it.pdf

Thank You