In today’s world, the retail industry has been transformed because of technology. The retail environment has gone from an “always-open” with a few plans to survive those off hours to an open retail strategy that anticipates shoppers’ changing needs. We all know about the shift in consumer habits and how this affects their buying behaviors, but how does technology influence these changes?

The article will go over why the retail industry is turning into a 24/7 environment and what this means for consumers who can buy anytime they want.

Retail industry is deeply tied to technology and innovations from the past few years. Retailers are keenly watching the innovations coming technology to remodel their business and how it can revolutionize the industry. Convenience, management, billing, customer insights, and speed are the major categories where these dependencies are more relevant. To stay competitive in the market retailers always prefer to choose the advancement in technologies.

Flawless inventory management in different stores and stock management in warehouses, staff allocation, billing, pre booking, shopper’s journey analyzing, Omni channel marketing, etc. makes the industry more automated.

Point of sale systems and Queue less Checkout in stores

Waiting for a long time in the queue for checkout makes the customers disappointed and there will be a chance for leaving the store without purchasing anything. This is not good for the future business. So a frictionless checkout is necessary for a brick and mortar store to get loyal customers. Without proper implementation of billing systems and software it won’t be an easy task to accomplish.

Innovative point of sale software like Retail Pro prism helps the retailers to transfer their traditional retailing to an Omni channel one. Helps the sales person at the billing point to make the transactions speedy and fast. The role technology plays in automating a brick and mortar is not limited to billing software. Virtual queues, buy online pickup in store, and curbside pickup are technology linked shopping options that made the retail industry more advanced. Technology is an integral part in strategies like micro fulfillment (small warehouses in urban and suburban areas near customer locations to reduce the delivery time).

People counting technology in analyzing shopper’s journey

Nowadays people counting systems are a trend of interest among retailers. Getting insights about the store visitors including the demographics, gender, shopping behavior, preferences, etc. is undoubtedly a great innovation to the retail industry. The impact of these kinds of innovations are priceless in improving the brand integrity and sales. From a normal CCTV camera to an AI enabled 3D sensor is not an overnight journey. In each stage of the revolution the retailers are waiting for something better to come. The employee exclusion feature in the new people counting systems are highly innovative.

Importance of technology in Inventory tracking and management

The inventory management software benefits includes: an optimized supply chain, enhanced service levels, reduced waste streams and improved returns management.

It is important for retailers to develop technology that helps them create and manage their inventory effectively before it becomes too late. The less time your company has to spend on managing the inventories on hand, the more time can be dedicated to developing other innovative technologies and bringing competitive advantages back into your store by maximizing revenue opportunities like shareable discounts or loyalty programs among others.

Inventory management software helps the retailers to manage the inventory in a more perfect and error freeway. Each item can be identified or tracked within a fraction of seconds. RFID handheld scanners can scan more than 700 tags in a second. By integrating the inventory software with Point of sale systems, the “out of stock” situation can be completely eliminated.

Anyhow while the technology is growing, the retail industry is also getting benefitted. Retailers always welcome technology Innovations with open hands.