RETAIL TECHNOLOGY

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TOPICS

• POS Systems

• Mobile POS Systems

• Customer Database

• RFID

• Plan-O-Grams

• Magic Mirrors

RETAIL TECHNOLOGY

• A retail technology is a modern ecosystem of dynamic technology. It includes interactive displays, remote registers to wireless networks and mobile commerce platforms.

• The ARTS, also known as The Association for Retail Technology Standards is a well known international standards organization which is dedicated to reducing costs of technology through specific standards.

• For example, standard of a check of work performance or product quality made at a random period of time without a warning.

• The ARTS has four standards, the first being• The Standard Relational Data Model,• UnifiedPOS, • ARTS XML and• the Standard RFP's.

• These four standards are a division of of the National Retail Federation.

POS SYSTEMS

A POS system refers to the time a transaction has been made in exchange for a good and/or a service. POS stands for "Point Of Sale." When you purchase a good or a service it is recorded through the electronic cash register at the time of a checkout.

MOBILE POS SYSTEMS

Handheld POS system

Mobile phones or specific devices

Wirelessly connected Customer checkout spots can be moved Cuts costs on reconfiguring the store Cuts costs on wiring for the store

Better Customer Experience Shorter lines Faster checkout Personalized experience

Customers are more likely to return to the store

Example: Apple Stores

CUSTOMER DATABASE

• collection of records of consumer purchasing patterns and histories stored in a computer system and organized so that it can be retrieved quickly to provide information for a variety of uses.

• Information contained in a customer database is obtained from:• store receipts, • credit card purchases• mail-order requests • information inquiries• Also, other sources demonstrating customer preferences or predisposition to

purchasing a product.

• Customer databases are useful to marketers when planning promotions for new products, repeat sales, or cross-selling techniques

BENEFITS OF USING A CUSTOMER DATABASE

• Helps plan promotions for new products

• Helps create loyalty programs that work

• Helps individualize loyal customers through their purchase history

• Examples:• Shoppers Drug Mart• Sears

RFIDRADIO FREQUENCY IDENTIFICATION

• Radio Frequency Identification is a technology that uses electronic tags placed on objects, people, or animals to relay identifying information to an electronic reader by means of radio wave

• Placed on retail items• Jewelry• Fashion• Books

BENEFITS OF RFID

Inventory Shrinkage (Shrink) Reduction • Track retail items between point of manufacture or purchase from supplier and point of sale.• Real-time notification of security when RFID tagged items leave area without payment• Competitive advantage – saving money on theft allows to offer product at lower prices

RFID Smart Labeling• Monitor unattended inventory • Automatic item identification on mixed pallets• "Smart Shelf" systems – designed to provide real time tracking and lovating of tagged items on shelves• Shipping and Receiving applications

Shelf Stocking• Real-time notification of out-of –stock items• Improvement of product replenishment• Retention of consumers who may turn to competitors if inventory item is out-of-stock• Automated charting and tracking for improved product forecasting

BENEFITS OF RFID CON’T

Check-out Process• Reduce time spent in line• Reduce labor/time cost of employees• Streamline check-out process with ability to scan multiple items and pay for them all at once

Overhead Reduction• Track product shipping and receiving from point-to-point automatically versus manual tracking to save time and labor cost• Know how many units of inventory or on-site via automated RFID system versus manual process, saving labor and time cost• Efficiency in error reduction reduces manual labor cost

PLAN-O-GRAMS

• A planogram is a visual diagram or a drawing that provides retailers with a great amount of details on where a product is to be placed in a store. It gives detail on where in the aisle the products are to be placed and which shelf as well.

• Potential to use every square foot of space:• Visual appeal• Inventory control• product positioning

MAGIC MIRRORS

• It is not actually a mirror, rather a supersize computer screen that can be operated by gesture or touch it allows people to see how they will look with an outfit on before trying it on.

MAGIC MIRRORS ADVANTAGE

• New cooler technology

• Time

• Realistic

THE END