Automation and AI have eased the business prospects in the market. Now retail technology is looking at the future with personalized product software. It can analyze the customer’s prior purchases through fabrication, color choice, style, fit and recommend on the same basis. The algorithm of the software needs to be more sophisticated and smart.
The retail industry deals with data in billions. To bulk such information into the systems, various data-mining software function inventory tracking:
1. EDI (Electronic Data Interchange)
2. Virtual shelves
3. Automatic replenishment
4. Wireless hand-held inventory units
5. UPC (Universal Product Code) helps the system in identifying the barcodes and unique numbering.
Data warehousing with the help of EIS (Executive Information Systems) helps the executives of retail business with making decisions and plans. EIS makes this system work easy by producing graphs of the complex data which helps in analyzing market strategies.
According to a source, retailers use technology to make their work easy and track the flow of merchandise stocks incorrect numbers causing no damage to products and revenue.
The technology is already there to help bring benefits and profits to the retail industry. The question that remains is about the correct guidelines and implementations of next-gen technology in every retail company. This can be seen in New York’s National Retail Federation’s Big Show which is the largest trade show in the retail industry. It provides new and old retail companies new solutions using retail technologies. Many vendors are gaining insights into retail technology and earning profits.
Over 50% of the market exhibit purchase in footwear and apparel styles, such information is mapped and AI to track and keep the records that attribute to matching the product and consumer preferences. The products quality, packaging, cost-plus pricing and so on are to be managed by retail technology.
Efficient services of retail marketing managed with technology provide an increase in revenue:
1. Knowing the demographics
2. Cheap packaging with personalized in chic style.
3. Experience in packaging and pricing
4. Taking eco-friendly options into consideration