This involves the latest advancements, use, and application of technologically-based products, techniques, methods or processes (for example, those used with machines, computers, and other devices) used in the retail environment.
New, enabling technologies are blossoming across the retail landscape, and understanding the use and application of these tools has become a top priority. Only by serving the changing needs, preferences and behavior of the customer will retailers and brands effectively meet today’s hyper-connected consumers on their terms, across all channels of interaction.
Retail decision-makers are increasingly recognizing the value of data and insight-driven tools, and many critical business decisions will continue to rely heavily on information and analytics. Omni-channel retailing and big data have become mainstream. In stores and on the sales floor, high-tech tools help balance inventory systems, manage ordering and track pricing. Mobile payment devices and apps that provide cashless capabilities are coming into play. Customer tracking tools increase customer satisfaction by enhancing shoppers’ in-store experience. Loyalty concepts are again part of the marketing conversation due to newly accessible consumer data via apps, social media, and mobile devices.
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On the executive level, technology improves planning and decision making. Various data-mining software solutions help make stocking, pricing and marketing decisions, as well as improve product design and development. All of these high-tech innovations help retailers stay competitive in terms of convenience, price, size and speed. Moving forward, retailers will continue to invest in data-driven marketing and demand-driven retail strategies to enrich the shopping experience.
From a loss prevention perspective, retail technology trends also become an essential aspect in the evolution of the profession. Our understanding of these tools helps us to keep pace with the ongoing changes across the retail landscape and the potential challenges that can result. It’s in the best interest of every loss prevention professional to become more familiar with the latest trends in retail technology. As our roles and responsibilities grow and develop, our ability to stay current will only grow more crucial to our success.