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    RM Session 24

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    fhukun31

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    © All Rights Reserved
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    RM Session 24

    Uploaded by

    fhukun31
    4 views2 pages

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    Copyright:

    © All Rights Reserved
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    4 views2 pages

    RM Session 24

    Uploaded by

    fhukun31

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Applications of Digital Technologies in Retailing

    The retail sector has seen a dramatic transformation because to digital technology, which
    have improved customer experiences, streamlined processes, and opened up new growth
    opportunities. The use of digital technologies has transformed not only the operations of
    shops but also the way customers browse, interact, and relate to brands. The following are
    a few ways that digital technology are being used in retail:
    a) Artificial Intelligence and Machine Learning (Artificial Intelligence refers to the
    general ability of computers to emulate human thought and perform tasks in real-
    world environments, while machine learning refers to the technologies and
    algorithms that enable systems to identify patterns, make decisions, and improve
    themselves through experience and data.) :
     Chatbots and Virtual Assistants: AI-driven chatbots offer real-time customer support
    by responding to inquiries, supplying product details, and streamlining transactions.
     Personalization: Retailers can tailor marketing campaigns, recommendations, and
    promotions to each individual customer based on their behaviour and preferences
    thanks to AI and ML algorithms.

    b) Augmented Reality and Virtual Reality (Augmented reality (AR) is the real-time
    use of information in the form of text, graphics, audio and other virtual
    enhancements integrated with real-world objects. Virtual Reality (VR) is a
    computer-generated environment with scenes and objects that appear to be real) :
     Virtual Try-On: Using augmented reality (AR), consumers may virtually try on
    furniture, accessories, and even apparel before making a purchase.
     Virtual Reality (VR): By producing realistic virtual shopping spaces, VR improves
    the online buying experience.

    c) Internet of Things (The Internet of Things refers to a network of physical devices,


    vehicles, appliances and other physical objects that are embedded with sensors,
    software and network connectivity that allows them to collect and share data):
     RFID and Smart Shelves: Real-time inventory level monitoring by IoT devices
    helps to prevent stockouts and overstock scenarios.
     Beacon Technology: Depending on the customer's location within or around a
    store, beacons deliver customized notifications and promotions to their devices.

    d) Big Data (Big data refers to massive complex structured and unstructured data
    sets that are rapidly generated and transmitted from a wide variety of sources) :
     Demand Forecasting: By using big data analytics to forecast customer demand
    precisely, retailers can optimize inventory levels, prices, and promotions.
     Supply Chain Optimization: Big data increases the visibility of the supply chain
    while lowering costs and increasing efficiency.
    e) Blockchain (A blockchain is a distributed database that maintains a continuously
    growing list of ordered records, called blocks):
     Supply Chain Transparency: By offering a safe and unchangeable record of the
    handling, origin, and authenticity of products, blockchain promotes supply chain
    transparency.
     Smart Contracts: These transactions between parties can be automated and
    secured, which lowers fraud and boosts confidence in online transactions.

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