Technology, Innovation & Service: The three pillars of modern retail

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In recent years, the retail industry has been attracted and influenced by various technological innovations and developments that have contributed significantly to the digital transformation of the world.

The idea of development revolves around innovation in consumer centric retail technology rather than brand-centric technological practices. With increased exposure to digital media, consumers are more aware of the innovations in this segment and are constantly looking for something extra. It may be in the form of better brand experience, added advantages, greater comfort, convenience and much more. It has thus become important to channelise practices around improving customer service, providing convenience while shopping, comforting experience, multiple choices etc.

Retailers today totally understand and realise the importance of digitisation and have integrated the latest technology in their day to day retail practices for improved services and higher revenues. They are constantly reconstructing their business model and experimenting with the latest technology like AI, ML, Quantum Computing, e-Tailing and more in the race to dominate the market with their superior customer service. High tech innovations not only help retailers stay competitive and marketable but also facilitates their growth through better business analytics, improved planning and excellent decision making.

Making an Impact

RanceLab® FusionRetail has been assisting the retail industry since 1996 with its specialised services, bringing world-class technologies at the doorstep of the retailers. It provides an all in one ERP software that gives business owners control over multiple business operations from Point of Sale transaction, inventory management, financial accounting, customer relationship management, payroll management, supply chain, schemes and promotions and many more. It connects all end to end business functions and keeps business owners ahead of the competition from other similar and larger businesses. Unlike others, it helps them make their profits sooner, reach break-even faster and open new outlets quicker.

Advanced tools like ML and AI not only helps business owners process new information quickly but gain valuable business insights and a better understanding of customer behaviour by analyzing their shopping patterns, trends and preferences. Data derived from AI facilitate improved decision making and better recommendations, thus ensuring that the customer gets what they want, and the business generates higher profits.

Fusion Retail is an amalgamation of intelligent business modules that allows business owners to penetrate deeper into the market and gives them valuable information about the consumer mindset. It comprises of advanced tools like matrix creator, bulk updates, user-defined fields and lists, customisation of reports etc.

It allows owners to analyze sales during specific periods (years, quarterly intervals, months) for each customer or each product category. It also allows users to create a report showing the top 10 customers, by items purchased and reports that show the most or least popular products.

These technologies are offering a lot currently to the retail industry and will keep on adding more to the services, due to their contribution and delivering capacity. Proper implementation and utilisation of such modern technologies will take the industry to the next level of the digital world with increased in-store engagement, improved customer service and better operational efficiency

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