Introduction
Retail forms or combinations are money spinners for owners and shareholders, but carry a high degree of security and monitoring risks. A certain portion of profits of such businesses is eroded by damages, pilferages, storage losses, and lowered inventory controls, resulting in decay and wastage of items, especially certain low-shelf life food products. Again high rate of debts is also figuring in this business, especially if there are deferred payment methods.
Pay by Touch Method
The use of new and innovative retail forms or combinations could first be seen in terms of a novel method which is proposed to be carried out in The Midcounties Co-operative supermarket in Oxford. This technology is being tested out as a quicker and more efficient method compared to the usage of debit/credit cards. Under this system, fingerprints of shoppers are scanned and relayed to data storehouses that carry out the processing, etc. It obviates the need for carrying cash, cheque leaves, or credit cards.
According to Mr. Tom Fischer, vice president EMEA, Pay By Touch, “It is clear that the security, speed, and convenience offered by Pay By Touch is extremely appealing to consumers and we are very pleased with the enthusiastic adoption of the service.” (Co-operative customers give pay by touch system the thumbs up. 2006).
RFID Technology
Another aspect would be the use of Radio Frequency Identification (RFID) technology to be engaged by Australian retail giant, Woolsworth. The benefit sought by Woolsworth for using this technology is for tracking fresh produce in stocks, which is now a manual routine. The main idea would be to eliminate the spoilage of fruits and other food products. According to a spokesman of Woolsworth, “Electronic tracking also has the potential to reduce stock wastage by delivering better visibility and control over our stock.” (Friedlos, 2008).
Location information helps in controlling foodstuff, some of which may deteriorate faster than others. A system of food produce control could help reduce waste when food products are dispatched before occurrences of decay take place. Supply chain management could receive a fillip if RFID technology is adopted by major retail players.
It is now seen that supermarkets cater to one, or few types of products or services. However, it is envisaged that in the future, supermarkets would be huge buildings around 25,000 to 50,000 square feet and would stock everything that a consumer could want- electronics, jewelers, leather and fashion goods, foodstuffs, garments, and soft wears, toys, and novelties, men, women, and children wear. In a nutshell, entire shopping could be done under one roof. Besides the supermarket, there would be other amenities like health clubs, swimming pools, sauna, tennis and squash courts, open-air restaurant, and bar.
Thus in the future, it would not be shopping but a complete experience. Taking the case of a supermarket set up like Sainsbury, it is seen that “A large Sainsbury’s store offers around 30,000 products and an increasing number of stores also offer complementary non-food products and services. 165 stores also operate an internet-based home delivery shopping service.” (Company overview, 2008).
Security cameras are often used for tracking and surveillance purposes, and the future trends would be in terms of archiving on digital recordings instead of conventional videotapes which allows a greater degree of recording and reviewing of events. Remote and live video recording of the camera is also considered to be an ideal technique of recording events live or reviewing them at a later time. By far the most important aspect would be recording “Point of Sale” Monitoring that could allow retail outlets to collate and evaluate changing trends and developments in security considerations (Retailers Look to High Tech Security in Battle Against Theft, Shoplifting, 2007).
Conclusion
It could be concluded by stating that in the future, the environmental pressures of performance of retail outlets would be more closely monitored and judged, especially in key areas of turnover, profitability, inventory controls, customer servicing, product logistics, and internet business. Therefore, the responsible officials of such outlets and markets need to gear up technological and administrative functions to perform at optimum levels at all times.
Bibliography
Co-operative Customers give Pay by Touch System the Thumbs Up. (2006). [online]. Finextra.com.
Company over View: J Sainsbury plc Consists of Sainsbury’s – a chain of 509 Supermarkets and 276 Convenience Stores – and Sainsbury’s Bank. (2008). [online]. J Sainsbury plc Corporate Web Site.
FRIEDLOS, Dave. (2008). Australia’s Woolworths Supermarket Chain studies RFID: The retailer is testing the technology’s ability to cost-effectively track produce shipments and monitor temperatures. [online]. RFID journal: The Worlds RFID authority. Web.
Retailers Looks to High Tech Security in Battle Against Theft, Shoplifting. (2007). [online].Security Products: Integrated Products & Technology Solutions for Security Professionals. Web.