With the increasing globalization of retailing, both in terms of points-of-sale and points-of-supply, the use of information technology in the retail sector is unquestionable. A good technology platform is indispensable to manage the compete supply chain and helps avert leakages at various touch points, right from the big brand, the retailer or distributor to the end consumer. Smaller retailers can’t afford to neglect the usage of technology and must respond to the evolving marketplace with enhanced speed and flexibility.
The Indian retail industry is considered one of the fastest growing industries in the world and technology has emerged as a helping hand to the industry. India is expected to become the world’s thirdlargest consumer economy, reaching US$ 400 billion in consumption by 2025, according to a study by Boston Consulting Group. By 2018, the Indian retail sector is likely to grow at a CAGR of 13 per cent to reach US$ 950 billion, as per the IBEF report.
Retail business and technological interventions
Retailers today are not fighting with retailers anymore; instead they’re fighting with different technological interventions in order to be the most competitive in the world. A good technological intervention is no less than a magic wand. It facilitates a retail player with entire supply chain information- details of inventory, information about problems faced by distributors and vendors, and shares customer feedback as well.
One really needs to be wise enough to choose a nice connect-promote-transact platform, where all handlers of the retail industry, right from manufacturers to the last mile consumers, can connect together, engage directly and transact via a dynamic platform.
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