Technology Transforming Retail

When you think about it, retailing is a vital industry that sustains life.

Such great importance builds a highly competitive environment.

In the current day, the challenge of competing in an ever increasing competitive environment has never been more critical.

Advance in technology is the culprit.

The digital age expanded retail sales channels, namely the introduction of online shopping. Though this shift in retailing has brought great opportunities, the challenges for retailers to manage multiple sales channels effectively has arisen.

Both customers and retailers are impacted by these changes in technology.

Customers have greater shopping choice and opportunities for more diverse
shopping permutations. I doubt 20 years ago we were thinking of buying online and returning a product in-store, an opportunity that exists today.

Retailers now need to cope with the growing opportunities and management of multiple sales channels. Retailers need to fight fire with fire. As the technology developed to offer greater sales channels for customers, so too has the technology to effectively manage this new environment of retailing.

The need for retailers to have effective, integrated management solutions is required if retailers are to capitalise on the opportunity that exists.

Retailers must be able to treat both their online and in-store business as equals and this can only be done when the business is treated as one at all levels.

An omnichannel solution, such as iVend from CitiXsys, is the way forward as it gives true visibility across your entire sales channels and allows for all sales channels to work with each other seamlessly.

The iVend solution bridges the gap between online and in-store sales channels allowing you to pay equal attention to both of these very important channels.

Advances in technology have definitely transformed the retail environment for both consumers and retailers and at this stage I only see further technological changes that will impact the retail space. Technology is here to stay!