Create a 10 page essay paper that discusses Ebook-Importance of technology in Retailing.
In the modern society and in the field of retail business, technology has taken a very significant role in the success of retail ventures (Jha, 2009). These different facets of technology include information systems like inventory control systems, customer record systems and business intelligence tracking (Jha, 2009, pp. 153). Due to the foreseen importance of technology in the working of modern retail business, this paper will explore the impact of technology on global retailing and also explore its impact on retail marketing in the UK. Further, the paper will explore the STP of retail marketing in the UK and also study the field of e-commerce.
Advances in technology have led to an overlap in the traditional and the digital channels of retail marketing, which is evident from the dominant role of competitive intelligence and constant monitoring (Motorola Solutions, 2014). The trends that demonstrate the impact of technology in the global retail marketing field include that there has been a huge growth in the collection of customer-centric data. This information is used to offer indicators about the changes in the buying behaviours of customers (Deloitte). In the light of these modern global trends, visionary retailers have employed the technologies that personalize the shopping experiences of their customers. the implementation of these technologies has afforded better information and interconnectedness to customers (Motorola Solutions, 2014).
The power of predictive data analytics has continued to offer retailers more access to structured and unstructured data. this change has enabled retailers to develop better insights about consumption trends and the behaviours of shoppers (Siegel, 2013). Forward-looking retailers are using different channels to do their retail marketing. The omnichannel outlook offers retailers, the opportunity to guarantee their