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Technology today in a retail management strategy

RETAIL MANAGEMENT STRATEGY 6

Technologytoday in a retail management strategy

Technologytoday in a retail management strategy

Inorder for a business owner to use technology in the retail businessmanagement effectively, managers should ensure that the technologywould satisfy the specific requirements of customers. In addition,the technology applied must meet the technological situation of themarket place. Currently, technology is an indispensable component ofcontemporary business operation. Examples of major functions thattechnology accomplishes in an organization include, serving as theprincipal source of business development, market differentiation, andprofitability. However, technology application involves making adecisive role that in retail management environment since managerscan use the expertise for different services such as engagingcustomers, sending targeted ads, and delivering the latest new-on-thego services such as interacting with clients on the social mediaplatform (Walker &amp Mullins, 2010). Therefore, relationshipbetween clients and business managers is extended past the physicalstores into the digital orb.

Althoughthe mobile digital technologies are the most popular in the retailmanagement approach, there are other essential technologies in themodern environment. For example, the electronic price tags, QuickResponse (QR), personal selling assistants, self-check-out systems,smart kiosks, digital advertising displays, and the generalinterlinking of these inventions with customized retailer and socialmedia platforms, as well as applications (Walker &amp Mullins,2010).

Thedigital technology has also made it possible to create functionalStrategic Business Units (SBUs). For example, technology facilitatesestablishment of the online retail stores. The digital technologypresently enables clients to access previously unavailableinformation. The retail stores are now capable of collectingadditional information regarding a client at the point of sale. Thestrategists can then analyze the information acquired from a clientto design even better services that will suit the needs of theclients better. For example, if a business realizes that many clientsoften request that they pay using their debit or credit cards, thenthe retail business should ensure to provide the requested paymentmethods in order to avoid the inconvenience of losing reliablecustomers (Walker &amp Mullins, 2010).

References

Walker,J., &amp Mullins, O. (2010). Marketing strategy: A decision focusedapproach, 7th Edition. New York, NY: McGraw-Hill.