Effect of Technology on Retail sector

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Having several stores consisting of different products is much complicated and difficult for the customers to go into each store for getting the products. This has made the introduction of retail markets like supermarkets, bazars, hypermarkets etc. where most of the products can be brought in bulk quantity according to the need of the customers. With the introduction of the retail units, customers are finding it easy to shop and this made the owners to target a large number of customers in short span. Retail is one sector that keeps on changing according to the current trends. A recent trend in this sector is e – tailing, where customers can find the goods that are needed by them by sitting at their own place and can place an order online.

Retailer as game changer

With the increase in technology, all the major outlets are starting their own online websites to make the shopping more convenient to customers. This made the store operations to work more efficiently like adding smart shopping carts, mobile payments, kiosks etc. Customers are losing interest to shop physically as the shopping is available at finger tips and they don’t need any alternatives as it is most convenient. The only duty of the retailers is to make enough stock so that it meets the customer’s requirements. Websites like Urban Ladder provide the customer with their regular needs at the price that is much lesser than the physical shop and making the customer satisfaction to the fullest.

Tracking of customers

Previously it was difficult to track the customer’s needs and requirements as there is a large number of customers and it was semi – automated work. But now it is easy as everything is automated and the future estimates can be made easy. Using technology it is easy for the retailers to see what the customers are searching for, their requirements, needs, and wants. Individual along with group targeting is made easy with the online retailing compared to the traditional method. This makes the customer loyal to the firm and makes purchases in the future. Also, the cost associated with the maintenance of the online websites is less compared to the traditional stores.

See the world

Using the technology everyone can see what is happening in the world. They can know what can happen in the future by making future estimates. People can also buy products that are available at other places by placing an order online. The companies will deliver the products to the customers place. This is one of the sole reasons that made the companies do online business that makes them visible to the world. Even the customers are also benefited as they can also get the products from anywhere of their wish. The local companies can manufacture the similar products that are available at other places at a cost less than that of the competitors. Online shopping has the customers to compare the products in various sites both physical and online and go for them where they are available at low price with good quality which saves some money to the customers.  

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