If you’re involved with the retail industry, you’ve seen directly how technology has transformed the market landscape. From the early days of barcodes and EDI standards to the latest developments in artificial intelligence, the evolution of retail — and business in general — technology has been nothing short of revolutionary.
How Has Retail Technology Evolved?
Early on, retail technology was focused on improving inventory management and generally streamlining operations. Barcodes were invented and patented back in the 1950s, but it wasn’t until the 1970s that they were more widely introduced. They transformed the retail industry immediately, allowing retailers to track products much more efficiently.
In the 80s, the Electronic Data Interchange was invented, known more commonly as EDI, which further pushed the industry towards digitization as it allowed faster and more accurate communication between suppliers and retailers. Different standards of EDI were designed, often industry-specific, to accommodate for unique needs and processing conditions of each branch of business.
The digital revolution continued with Point-of-Sale systems that integrated inventory management and customer data collecting, building the foundations of the e-commerce industry we know today. The first self-checkout machines were introduced in the late 80s and quickly gained massive popularity all over the world.
The Benefits of Self-Checkout Apps
Self-checkout apps are a significant leap forward in the retail industry, a step further from self-checkout machines that drastically changes the shopping experience for both the consumers and retailers.
First, self-checkout apps very efficiently streamline the purchasing process, skipping wait time entirely for users and reducing it severely for other non-users. This convenience is especially appealing to younger and more tech-savvy customers who prefer quick, hassle-free transactions, but customers who prefer traditional shopping can benefit from shorter checkout time as well.
With a self-checkout system based on an app, retailers can significantly reduce the number of staff required at traditional checkout counters, reducing labor costs and making it easier to operate long hours. The apps can be integrated with your inventory management systems to provide real-time data on stock levels, simplifying inventory tracking and preventing over and understocking.
What is Retail Platforms’ Impact on the Industry?
Self-checkout is often provided as part of a more comprehensive retail platform. These platforms can handle e-commerce websites and mobile applications, while also integrating various retail management systems, handling phases from planning to payment and beyond.
Retail platforms have leveled the playing field, allowing small and medium-sized businesses to reach a global audience much easier. They grant you the entire tool set and infrastructure needed for online selling and help you connect and interact with your customers beyond geographical limitations.
In addition, their advanced algorithms gather and analyze data to allow new levels of personalization. This includes unique product recommendations for customers, targeted promotions, and other tailored shopping experiences based on individual customer data.
Retail platforms integrate various aspects of business operations, from inventory management to logistics, making all vital functions accessible from a unified interface. With the right retail platform in your corner, you can help your online business thrive and be the first to reach and remain in the minds of customers.
