ROLE OF RETAIL INFORMATION SYSTEMS

&TECHNOLOGY

- GROUP 8VihangSawant(66)

DevyaniPuri(60)Mauniera Samel(65)

Karan Garg (20)NishantSomani(74)

Evolution of Retail Technology

1940’s - Credit

cards

1970’s - Barcodes

1995 onwards - E-

commerce

(Amazon and

Mobile technology

Importance of IT in the Retail sector

◦ With the increasing globalization of retailing, both in terms of their points-of-sale and their points-of-supply; the information technology (IT) spend in the retail sector has increased significantly.

◦ IT plays an increasingly important role in the management of complex retail operations.

◦ Market knowledge, as well as control of data and information, is key to obtaining a competitive advantage in the retail sector.

◦ Markets are continuing to grow and become more complex; the simple process of retailing has started to deploy more advanced retail information systems to cope with all the transactions involved.

IT involvement in Retail

◦ To increase the company’s ability to respond to the evolving marketplace through enhanced

speed and flexibility.

◦ To collect and analyze customer data while enhancing differentiation.

◦ To work effectively; retailers need one system working across stores (or even across national

borders) to make sure the most effective use of stock and improve business processes.

◦ Enhance the store experience

◦ Take advantage of mobile user capability

◦ Increase shoppers’ convenience

◦ Promote a retailer ’s online presence and the store together as an omni-channel approach to the

customer.

Tablet Technology:Tablets offer retailers a chance to deliver meaningful visual experiences that engage shoppers who are using tablets to blend the best of digital and real worlds to get the right size and colour at the right price.

In-store Kiosk:Digital in-store kiosk is a small physical structure;

often including a computer and a display screen, that displays information for people walking by.

Digital Signage:Digital signage promotes engagement in store and encourages customers to take the retail experience with them when they leave the store.

Interactive Hangers:IH works when the hanger is picked up by a shopper and triggers pre-programmed visual media to be played on a nearby screen.

QR codes:“Quick Response” (QR) codes are a response mechanism for mobile users. They offer a way to respond to ads, access vouchers, and learn product details simply by scanning quickly.

• Example : Tesco (South Korea)

• Location : Subway station

• Concept : “Let the store come to the

people.”

• Complete QR code based virtual store.

• Results : 76% increase in customers,

130% increase in revenue

• Tesco converted transit time into

valuable shopping time. Hence,

ultimate convenience for customers!

Near Field Communication (NFC) Shopping:Customers use their smart phones to access information on products and pricing, access loyalty programs, and share content on social via NFC-enabled shelf-edge labels, and scan items added to their When they’re done shopping, they can quickly pay for their items by tapping their phone on a reader attached to the cash register.

• Uses of NFC• Store deals, store Wi-Fi, and rewards account• Multimedia content and real-time store inventory• Information about related products and accessories• A digital, NFC-enabled shopping cart on their phones• Product information for large purchases

• Research• NFC is preferred by a significant margin over QR codes, Bluetooth beacons and browsers.• > 75% of respondents very satisfied with their experience.• > 75% of respondents indicated an interest in viewing additional product information via NFC.• > 60% were interested in using NFC to order the replacement parts or accessories for products.

Samsung experience storeThis flagship store in Singapore is all about experiential retail.

Customers' movements in front of the video wall are digitized and projected for effect, while it has a coffee store operated via an app, and themed zones throughout the store.

Conclusion

◦ There are certainly challenges facing retailers who wish to integrate technology to improve the in-store journey.

◦ It is vital to remember that the key isn’t necessarily in the technology, but rather the experience being offered and how it fits with the customer journey.

◦ It is crucial to consider how new technologies are actively solving customer problems and enriching their overall experience.