Retail Ready How will sci-fi technology streamline your store sales?
By Gwen Moran Edited by Frances Dodds
Opinions expressed by Entrepreneur contributors are their own.
From smart scanning devices that tally purchases as customersshop to payment systems that work from a watch pad or mobile phone,some retail technology sounds more like science fiction thanreality. But new developments are becoming more affordable forentrepreneurs.
- Systems integration andcustomization: Entry-level software applications, likethose by Celerant Technology Corp. (www.celerant.com),Kliger-Weiss Infosystems Inc. (www.kligerweiss.com), and off-the-shelfpackages like Retail ICE (www.camcommerce.com) or Retail Pro (www.retailpro.com),make it possible-and affordable-to link transactions withback-office functions like inventory and marketing, says BobAmster, principal at retail systems consulting firm RetailTechnology Group in Stamford, Connecticut.
Scott Langdoc, research director at Boston-based AMR ResearchInc., a technology research firm, agrees: "What used to be astand-alone cash register can now be the window to information[about] the entire customer purchasing experience and can extend tomarketing and merchandising programs for the entire store." Hesays capturing information about a customer's buying habitslets you customize offerings and loyalty incentives while choosingthe products, assortments and store layouts that work best.
- Radio Frequency Identification(RFID): RFID technology uses tiny electronic tags onproducts to communicate with strategically placed"readers" without the use of traditional scanners (nocheckout lanes). RFID tags provide real-time inventory updates andhouse shipment information, letting you see how long a product hasbeen in inventory. Langdoc believes that as this technology becomeswidely used, smaller retailers will likely need to integrate RFIDreaders. Afraid of the expense? Amster believes in thinking longterm: "Some retailers are small in size but have big plans.[For them], it makes sense to invest in technology early so theydon't have to retrofit stores."
- Self-service: This is onetrend small retailers may not want to adopt. As megastores adoptself-service components like self-checkout and kiosks, Langdocbelieves smaller retailers should seize the opportunity todifferentiate themselves by focusing on personalized service.
