Applications of Information Technology and Innovation in Retailing

Abstract

This paper presents the applications of Information Technology andinnovation in retailing. The retail market is a state of exponentialgrowth. Retailing includes all the activities involved in selling goodsor services for the final consumer. These activities include demand andsales forecasting, inventory management, store management,transportation etc. Information technology has the capability ofelectronically input process, store, and output, transmit, and receivedata and information. It plays a very important role in today's businessworld. New technologies evolved in retailing are Radio FrequencyIdentification (RFID), Personal software agents (PSA) Smart OperatingSolution, and Point of Sale (POS). The result indicates that, retailcomplexities may reduce with the help of Information Technologysolutions. The right solution can result in improved productivity andmajor cost saving through key advantages such as more accurate supplychain, forecasting and better inventory management. It also helpretailers to solve major problems related to customer services likecustomer loyalty and customer satisfaction.