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Emerging Technologies

Written by: Will Atkinson

Article Overview: Major retailers like Wal-Mart typically represent the leading edge in retail technology, but that doesn't mean small retailers should ignore these trends because "only the big guys are doing it"

Emerging Technologies

As trend leaders in the Tier 1 space adopt new technologies two things happen.

First, the technologies attract new vendors, leading to greater functionality, increased usability, and reduced costs.

Second, customers get used to the benefits of these technologies when shopping at Tier 1 retailers, and they begin to expect that level of service in ALL their shopping experiences.

Two technologies that are truly coming on stream right now are RFID and Digital Signage.

RFID works for the retailer by helping manage product at a much more granular level than they've been able to achieve with simple stock counts and inventory movement tracking. RFID tagging literally allows a retailer to know where EACH AND EVERY ITEM is in the store. You can perform immediate inventory counts, as well as assess movement of items from various sections of the store, etc.
The problem is that the technology is expensive and requires a lot of infrastructure, so at this point it only makes sense for large, high volume retailers like Tier 1 outfits. But, you can bet your bottom dollar that the costs will come down, more and more products will come pre-tagged with RFID labels, and implementation will get easier. So, be thinking about it.

Digital Signage is a much more realistic short term investment for small retailers, and can show real benefits. This technology allows a retailer to install flat panel monitors strategically throughout the store. These monitors then stream relevant content to the consumers. This can be in the form of advertisements, product information, or even tips and usage info to help customers more readily understand what a product does and why it is so beneficial that they shouldn't leave the store without it.

The traditional barriers to adoption of this technology were cost and complexity, but the cost has already come down, and vendors are increasingly supplying the content for viewing so that the small retailer doesn't need to spend his/her time producing video.

Digital signage can enhance the customer experience and increase sales, so I would encourage you to look into it before your competitor does.

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Article Tags: adoption, advertisements, bottom dollar, complexity, consumers, digital signage, high volume, implementation, infrastructure, labels, relevant content, retailer doesn, short term investment, stock, tier 1, traditional barriers, usability



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