Technology in Retail

Fashion Marketing Workbook Read pgs. 229-234

Technology in Retail Merchandising Describe benefits of technology in retailing Describe digital pricing and inventory systems Compare advantages and disadvantages of electronic payment to the retail establishment Characterize how technological changes impact a retailer’s perceived image Describe various forms of digital retail technology (e.g., Internet, cellular, rewards cards, social media) Compare advantages and disadvantages of “brick and mortar” versus online businesses

Describe benefits of technology in retailing QR codes

QR codes Provide the consumer with more information on the product before they make their purchase. Allows them to make the purchase right from their phone. Retailers can target engaged shoppers http://www.qr-code-generator.com/

Describe digital pricing and inventory systems Digital Pricing – a strategy to stay competitive and current in the digital marketplace

Inventory Systems - the software used to plan and track inventory balances and activities. Disadvantages Reports rely on accurate input of data Reliance on technology Fraud/intrusions Advantages Speed and efficiency Report generator Timely data

Benefits Saves time Convenience Mobility Anonymity Privacy Compare advantages and disadvantages of electronic payment to the retail establishment Electronic Payments Benefits Saves time Convenience Mobility Anonymity Privacy Risks Fraud Account creation to use online payments Availability around the world Currency value match-up

The “face” of retail Technology is evolving An ever increasing # of technology devices are being adopted at an increasingly fast rate by consumers. The world of customers is more dynamic and interactive with 86% of consumers using their mobile or smartphone for internet access on a daily or weekly basis.

How is technology used in retail? RFID (Radio Frequency Identification)  A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna.

Brick and Mortar vs. Virtual store List some benefits and advantages of both.