“Technology certainly adds knowledge to retail”

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How important is technology for the retail market?
Technology evolves with the need. And market caters to the need of the people. Retail market is constantly improvising itself & becoming more efficient. Technology is one of the most important tools in management and execution of retailing. In fact, technology helps in research and analysis and finally results in adding knowledge to retail.

Where do you see more technology being used in future and why?
Technology helps in reducing the cost involved in operations, optimising the functioning of the system and helps in monitoring, reporting and delivery in the day to day operations. Technology requirements differ significantly in rural areas. Limitations of telecommunications network, ill equipped P.O.S., severe power problems and ill trained manpower creates a much larger role for technology in rural areas. Retailers in urban areas of the country look for error free & smooth operations, and trust tested technologies in the industry.

Where does technology play a vital role in the retail industry, back-end or front-end?
Technology in the retail industry at the back-end comprises of robust database, intelligent tools (software applications) and dependable communication channels. Front-end requires comprehensive user-friendly interface. Advancement in IT/telecom technologies brings a lot of scope of corrections and improvement. Back-end technology gives more room to play and is always vital to the entire operation.

How do you see the future of technology in retail?
The blend of communication and IT is going to play a larger role in the near future. In fact, the future of technology in retail industry would lie in developing modular, compatible and scalable technology on rapidly changing platforms and protocols. This will help the industry to reach new heights.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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