Answer to Question #310519 in Management for Asataluli

Question

How technological change affect retail business industry?

Answer 1

Technology has greatly reshaped the retail industry in a rush to increase sales by outdoing competitors and appealing to new customers. Technological advancements have brought upon an era where retail uses tools that help improve productivity and customer relationship through intelligent and interactive business models.

The introduction of point of sale equipment, bar codes and huge storage capacity for billing and payment database has facilitated the management of large set-ups with ease. Technology has also changed supply chain management, in particular, the service side of things. Real time delivery, cross docking and third party logistics are a few of the ways technology has improved the way supply chain is managed for retailers.