How to identify and implement the right technology for retail business

Modern retail has rapidly evolved to cater to changing customer needs. Speed, agility and efficiency defines modern retail as retailers are constantly striving to improve business processes, reduce cost and accelerate digital transformation. The last two years of the global pandemic has disrupted the traditional method of retailing and ushered in greater use of technology. In recent years, retail has become synonymous with omnichannel and phygital, a shopping journey that blends both the experiences of physical presence and digital technologies thereby taking shopping experiences to the next level.

However, at a time when technologies are used in each and every step, identifying the right technologies and implementing them is the real challenge that most retailers face. A technology can be really complex and there are multiple considerations that one needs to take before plunging into action. So, here are a few points that needs to be kept in mind while choosing the right technology for retail business:

• Have clear objectives and goals that you want to achieve from your business. You may want to prioritise increasing sales rather than providing enriching customer experience. Having a clear objective helps in narrowing down the technologies to be used
• Draw up a budget that you would like to earmark for technological implementation. This will help you to fathom if multiple technologies can be accommodated within that budget
• Shortlist multiple tech vendors and head for conversations to determine if the solution offered meet the goals. Form an understanding of the technology and determine its scalability
• Test the technology on a pilot basis before going live with it. Take feedbacks from team members to ascertain if there were any glitches in the process
• Select vendor based on their industry expertise and team members
• Measure your retail operation numbers post implementation of technologies and determine if your goals have been achieved

As retailers are embarking on a journey of continuous engagement with its customers, whether online or offline, technology can make this process seamless and less complicated. As an increasing number of retailers are focusing on using technologies, only those will benefit who manages the backend and scale up its operations. Clearly, adopting technology will provide a competitive edge to such retailers.

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