Briefly comment on the following
A. IT application in Retailing today is one of the most buoyant way to give an edge to the competitor
B. IT can help in controlling internal theft and pricing errors
(A). The retail industry is one that constantly strives to stick to margins. It’s live or die scenario for most retail companies these days, with their managers struggling to maintain their costs low and revenues high. That’s a pretty hard thing to maintain, considering the level of competition in the industry.
Every retailer is always on the lookout for ways to lure more customers into their nets while at the same time keep their costs in check. And technology has always been a means for them to achieve both these goals. Customer experience, inventory management, supply chain management and the like are some areas where technology is being used and improvements are being made. For example, wireless technology is something that has played a huge role in transforming the retail industry, by allowing devices and people to communicate with one another from anywhere in the world. Although, its adoption has been limited by a number of factors, like security concerns, deployment costs etc.
Considering the race for retail companies to bag the most number of consumers, it is almost inevitable that they make use of technology
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