How Traditional Retail Market Can Boom With New Technology

The technology has given us new tool to rule “Internet” the most remarkable and significant invention being made in the mankind. Today life and business both cannot be imagine without it. The internet has added a new dimension to the traditional nature of retail business called “ONLINE RETAILING” means buying and selling through virtual presence.

Online retailing:- Online selling, online buying, e-commerce whatever call it by any name. It became the new way of doing business and a new way of experiencing shopping. In this fast paced scenario, online retailing provides masses an easy way to carry out its business. It comes up with many advantages like convenient shopping, large variety of virtual products existence, save time,energy,money etc that‘s why it is continuing to beat the geographical - demographical restriction and taking off the retailing business globally.

Information technology and the internet both together made the online retailing possible. It is a way of doing business through fully automated system connected with the web at all the time.Its daily activities are managed by complete automated process, no manual operation required. From billing to check inventory from purchasing to selling everything is automated. They focus entirely on customer services, so tried hard in making customer happy and satisfy by the service offered.

But does it mean that now brick and mortar store is at the edge of shutting ? No, exactly not The online retailing became relevant just few years before while traditional way of retailing existed since the existence of mankind. There are certain things in brick and mortar stores with which online retailer could never compete and would always remain devoid of these.

• Touch of human element, which play crucial role in success of retail.
• Touch and feel of product: Nothing can beat the feel and touch of the product holding in hands and going through each and every detail.
• Have power to influence purchasing decision.
• Mass appeal: It could reach to the heart of each and every section of society not limited to the particular class as online meant for educated section of society only
• Buying completely rely on complete satisfaction,it eliminates the guessing games of online-buying that whether colour suits,size will fit,is it worth buying etc.
• Strong and long lasting relationship between buyer and seller.
• Relationship based retailing whereas online is transaction based.
• Instant delivery of product.

These are the main reason that’s why every big brand, every online retailer wants to have it physical store where there would be direct interaction between customers possible.

Then question arises why traditional retailing lagging behind despite of having advantage over online retailer and struggling hard to survive. Reasons:

• Traditional mode of operation
• Not able to deliver seamless customer service.
• Inability or incapability of staff in making end to end shopping experience connected.
• Failed in judging what consumer’s value and expect.
• Reluctance towards new technology

How to win the Retail war:- In the current retail environment of rapid technological and cultural change, retailer who thrives will be those who are able to experiment their ways of success-  innovating, testing, discarding the failure and implementing them at speed and scale. Things need to be done:

• Ripped off old system and starting again with new technology.

In this digital world of retailing, how far it is correct to keep manual cash register when technology has given us an electronic scanning POS system, how far it is good to manage inventory manually when technology has already provide us an easier and effective solution, how far it is good for business that retailer fails in anticipating today’s or future demand when we have technology to do so.

This is the core area where traditional retailers have to work. They have to understand that technology is meant for adding more efficiency and effectiveness to the task. By uniting traditional retail adavantage with the today‘s technology , brick and mortar retailer have the opportunity to offer consumer an experience surpassing that of online retailers.

• Technology can use as analytic as well as a tool to control and add efficiency in various business operation like warehouse management, customer service management, sales, survey, channel operation ,merchandising etc
• Automation of business proceedings help in maintaining sufficient data base of consumers from where useful analysis and predication can be made. Data and analytics enable retailers to better understand customer’s profiles and preferences and potentially predict future customer purchase.
• Automation of business activities like billing, inventory etc will become instant, error free, faster, easier and single person handling.
• With technology, retailer can manage their task in effective and efficient manner and same time allow customers to conduct transactions or obtain product information and services with minimal assistance from store employees.
• Time will save and more attention will be paid to the customer-  values, expectation and queries which will improve customer-seller relationship.
• Fast and efficient customer service will enhance customer shopping experiences which makes customer happy and satisfy.
• Customer feel more connected.

• Retailers will need to transform their stores to be more flexible, dynamic and connected
• Provide value added service to the customer.
• Adopt social marketing tool and letting customers know about the company and the products offered by it.This helps them in constant notice of their customers.

Traditional retailing always have an edge over online retailing, it is just with time it has to re-invent and rejuvenate itself for the digital age. It has to use an integrated e-commerce, online marketing approach within the storefront architecture so that all shoppers will get the “best of all worlds”.