Technology and Retail

Technology and Retail

1. Wave 1: brand and category management

   • UPC barcode scanning
   • EPOS
     • Electronic point-of-sale
     • QR
       • ECR
         • Efficient customer responce
         • Efficient store assortment
           • POS data capture
             • Synchronised/Flexible production
         • Efficient replenishment
           • Product coding
             • Integrated Suppliers
         • Efficient Promotions
           • Data Transfer EDI System or Web
             • Continuous replenishment/quick response
         • Efficient new product introduction
           • Electronic Funds transfer
             • Sales based ordring
   • EDI
     • Electronic data interchange

2. Wave 2: Customer relationship management

   • Electronic Loyalty Schemes
     • Profit uplift from increased sales
     • Target promotion tool
     • Better understanding of customer behaviour
     • The basis of customer relationships, competitive strategy, store format decisions etc.
   • Reasons for brand loyalty
     • Force of habit
     • Lower risk in switching brands
     • Convenience
     • Lack of choice
     • Influence of the media and reference groups

3. Wave 3: Customer Experience Management

   • RFID
     • Radio frequency identification
     • Reduce labour costs in distribution, warehousing theft etc.
     • Use as magic mirror etc. to improve customer shopping experience
   • Technology in stores
     • App & Wifi
     • Ipad
     • Vidoe showing each garment styled as part of an outfit
     • Mobile payment
     • Contactless payment

4. Wave 3+: Enhancing/ consumer experience

   • Virtual fitting rooms: interactive mirrors
   • Online: virtual mannequins and e-fit guides
   • Social media channels to become transactional
   • EWOM
     • Reviews on retailer website
     • Blogs and youtubers
     • Comparison sites: comparethemarket.com
     • Consumer feedback website: tripadvisor
   • See now buy now
   • Wearable technology
     • 31% rank innovative fabrics as the first in terms of its potential success most over 35s peaking among those aged 45-64 incorporate a fitness tracker 75% connect to your smartphone 73% contactless payment 73%