Technology in the Retail Industry

Updated: Feb 28

Understanding and keeping up with IT and the technology of your industry is pivotal to stay ahead of the curve. Today technology has evolved alongside industries and change the way businesses and customers engage and interact.

Businesses of all genres and niches are impacted on all operational levels, from management to production. Not only has it bridged and made convenient the gap between business and customers, but has also revolutionized the way we operate internally as businesses and also as consumers.

In the realm of retail, technology has changed the operational blueprint of our businesses. Below we will have a look into atleast 3 aspects in the retail industry of which we experience the impact and benefits of technology:

1. Point of Sale

We are all aware and weary of those dreaded long lines of customers having to wait to purchase their goods. This phenomenon has had its place in almost every industry, retail stores, restaurants, banks,

home-affairs and so on.

Until recently however, technology has presented a solution that would eradicate the long cues. Customers are now able to check out from wherever they are in the store through their smartphones, scanners and printers. This is a win for both consumer and business because before the advent of such technologies, a recent consumer study reported that approximately 10% of customers would leave a line if they had to wait for too long.

Technology in retail has also simplified the payment process with contactless payments. Such payment methods use NFC (near-field communication) or RFID (radio-frequency identification) technology to allow the customer to make their purchase via their smartphone or even their watch! Ultimately this has lead to higher sales volumes for stores that offer remote POS and contactless payment.

2. Customer Service

When customers have to wait in long lines or cant find an attendant to assist them, they get frustrated with the store and as a result their experience becomes unsatisfactory. Technology has changed this by offering self-help kiosks. Kiosks have allowed business save money and increase the satisfaction of their customers. Machines like the kiosk are a perfect example of the application of IT in the retail industry.

Technology has also improved the way that consumers do their online shopping by providing a more personalized shopping experience. Online technology is being used by companies to offer their customers virtual views of the products by use of videos, imagery or even augmented reality!

This enables customers to get a better idea of the product before they commit and make a final decision. With this technology, businesses have improved the experience of their customers and increased their sales.

3. Point of Purchase (POP)

POP has become a staple strategy for manufacturers. It has its place at the forefront of our sales arsenal. This material highlights the product and draw the customers' attention to it, which is important in a retail store crammed with similar merchandise. Technology has allowed for more attractive and effective POP units. Such units have electronic displays for video advertisements and animations, varying from small electronic price displays to more elaborate displays.

When you consider that some 70 percent of retail purchases aren't decided until the customer actually is in the store, it's clear what impact something as simple as a POP display can have.

Finish Factory provides you with market leading technologies and solutions to enhance and expedite your retail process as well as improve your customer experince. We design and develop e-commerce websites using cutting internet technology to ensure your customers will get the best and safest online experience on your site. We also specialize in all things POS and POP!

Give us a call today and let us assist you with your retail needs


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