EMERGING TRENDS AND TECHNOLOGIES And its impact in retail Industry
The below report explains the 4 emerging technologies and trends in the world and it also discusses and analyses the impact of these technologies in the Retail Business Environment with the evidences and references from the real time and scholarly journals.
Radio Frequency Identification (RFID):
RFID is the automatic identification technology. It is the new method of information control especially suitable for the big retail stores. RFID technology is used for collecting data about a particular object without touching or observing the data transporter by using electromagnetic waves (Lewis, 2004). The ...view middle of the document...
• RFID tags are efficient bar codes that identify all the products in the shopping cart. It eliminates the problem of long queues in the retail shops.
• It saves more time for the customers and employees.
• RFID tags are used in tracking and tracing of objects.
• RFID is used as anti- theft systems.
• It helps to improve the growth of business. It helps to improve the sales performance, customer service, security and visibility.
• It helps to promote operational efficiency in the business.
• It provides accurate information to the customers.
• It also helps to reduce labour costs.
• RFID is used in supply chain management.
BENEFITS OF RFID IN RETAIL INDUSTRY
Security is the most important key factor for any organisation. This security is provided by RFID. Many organisations are implementing RFID in its supply chain because they don’t want their competitors to track their shipments and inventory details (Lewis, 2004). If people want to use the devices they should have some ID cards such as credit cards. Improved Visibility is the second key factor provided by RFID for the retail companies. By applying RFID, Retail companies can easily achieve the integrated supply chain performance. As per the survey taken by the company IDTechEx, the retail industry would constitute a 44% of the universal market value of the RFID system in the future (2016). This RFID technology will replace the bar code technology (Hahn & Kim, 2009).
Cloud computing is the term which means delivering on demand services through the internet by using hardware and software as the computer resources (Almirall, Brito, Silisque, Cortés, 2003). It is the developing computer technology. The name comes from its cloud-shaped symbol. The appropriate examples for Cloud computing are Yahoo email, Gmail, Hotmail etc. There are three types of cloud namely public, private and hybrid.
Types of Cloud Computing:
• Infrastructure as a service
• Platform as a service
• Software as a service
• Storage as a service
• Network as a service
• Database as a service and so on.
Advantages of using Cloud Computing in Retail Industry:
Cloud computing is the latest technology using in retail industry. IBM is one of the companies majorly using Cloud computing technology and managing the servers of many clients across retail and other industries.
According to Retail System Research, in the Retail industry, cloud computing is very efficient in collecting and analysing the huge volume of sales data and for the inventory management and they are stored in the remote servers (ABI Research). It is recently emerging in the retail industry and they are yet to completely implement for the better growth of the industry. It is used in the retail industry especially in collecting the point of sale data and stores it for the small family owned...