Retail Technology Trends

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Retail technology, Existing Technology,Emerging Technologies in Retail,Augmented Reality,Omni Channel Retail,Virtual Shopping,SoLoMo Startegies in Retail

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<ul><li> 1. Retail TechnologyMembers:Abhishek MishraSidharth VDBishwarup MitraHiral ShahPooja DoshiShakambri SoniVidisha Singhania</li></ul> <p> 2. Introduction The next five years will bring more change toretail than the last 100 years CEO Shopkick All thanks to technological improvements Drop Run the business strategy hat and wearthe Change the business one. 3. Technology Trends RequirementCustomer experience Exploring the technologies that impact a customersexperience in the store, online and across differentchannels.Data and analytics Identifying new forms of data and new opportunities toimprove operations and better understand customerbehaviors.Infrastructure and core IT Demonstrating how cloud and related technologiescould streamline operations, lower costs andstrengthen the business overall. 4. Existing TechnologiesCASH DRAWER RECEIPT PRINTERBARCODESCANNERSCALES CHEQUE READERPOLE DISPLAYDIGITALSIGNATURE PADDEBIT/ CREDITCARD READERPORTABLE DATAASSITANTLABEL PRINTERDISPLAYS All IN ONE POS 5. For SecurityCCTV CameraDETECTIONSDOORSSECURITY TAGSDETACHERS 6. Enterprise Resource Planning 7. Emerging Trends InTechnology 8. Omni channel customer experience Omni-channel means empowering a sales channel toenable more cross channelactivities using various tech-nologies. Examples Click and collect service Accept customer returnsand refunds for productsbought online Store kiosk for browsing and payment for products. 9. 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/suggestproducts &amp; services.Big data initiatives to: Improve merchandising Supply chain Marketing and promotions Store operations decisions 10. Quick Response(QR) Codes.To provide the consumer with more information on theproduct before they make their purchase, as well asallow them to make the purchase right from their phone.Also:To prompt new products Offer coupons Compare prices in other storesAnd allow direct online shopping.Linked to the store inventory and can actually tell us thequantity, size and color currently in stock of the productscanned. 11. Smart Phones &amp; Mobile Apps Smart phones. The majority of shoppers will havemobile apps and connectivity anywhere they go.Example: Using the retailers mobile app, Customer snaps apicture of the shoes. The app recognizes the shoesand automatically gives them the price and theavailability of the size at a nearby physical store. 12. 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 Mobiledrives opportunity. As many as 80% of shoppers access social networks ontheir mobile devices and 96% of consumers research aproduct or service on their phones. As a result, retailers are adding product information(54%), store information (42%) and customer reviewsand pricing (34%) to their mobile sites. 13. Voice Hardware for Warehouse Apart from Barcode Scanners ,RFID and Barcode LabelPrinters. Voice technology is new to the warehouse managementhardware scene. Voice-directed picking to determine the amount of goods tobe picked up. These devices are fastened to a wireless computer, and data istransmitted to the device at the time of picking. Huge time saver in world of ecommerce. 14. Tunner Scanner 15. Contactless Payments Contactless technology- uses programs like Visas payWave orMasterCards PayPass and eliminate the need for consumersto enter a PIN or sign a receipt for purchases. Contactless transactions speed up the payment process asmuch as 25 percent, providing greater shopping convenience. It reduces cash-handling costs for retailers and can beintegrated into rewards programs . Eliminates the need to carry around physical punch or stampcards Retailers -increasing the number of contactless paymentterminals across the country by 250 percent YoY Consumer purchases using contactless payment increased 100percent YOY. 16. Apple Pay-NFC System Start by hitting the Passbook icon on yourHome Screen. 17. Then select which card you'd like to use. 18. Place your finger on the home button toconfirm your purchase. 19. And you're done! Here's your receipt. 20. Virtual Shopping Tesco's Homeplus grocery store chain found when itintroduced virtual stores in the country's subway stations. They are printed graphics on subway walls that mimic a realstore display, with a variety of products and brands stackedtogether just as they would be on a store shelf. Every item has a QR code for purchases. People can quicklyscan the code to purchase their products, and the food /itemswill be delivered to their homes. Reducing the need for working population to take time out oftheir busy day for grocery shopping. Increases its online sales by 130 percent. 21. Augmented Reality Augmented reality (AR) is when an object is notpresent in the real world, but appears to bebecause of a view showing a modified version ofreality. Furniture to Lens to Watches etc. 22. Bibliographyhttp://www.informationweek.in/informationweek/perspective/286591/emerging-technologies-transforming-retail-industry-vertical?utm_source=referrence_articlehttp://www.informationweek.in/informationweek/perspective/286591/emerging-technologies-transforming-retail-industry-vertical?utm_source=referrence_articlehttp://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 23. Thank You </p>