Technology and Its Impact on Retail Stores
Technology and its impact on Retail stores
The owner of a top retailer wants to see which merchandise is selling which isn’t, or maybe the owner wants to know their overall margin costs in relationship in to which products on their shelves are more profitable then the others. In the not so distant past these types of reports would have required a lot of people, processing large amounts of data, and requiring lengthy delays in the results from weeks to even months. In the end, by the time the data was of any use it would have been out dated. In today’s markets, such retailer’s like Target rely on technology. With the current economy, and the number of business being forced to file for bankruptcy and ultimately closing their doors forever, now more the ever businesses need to gain a competitive advantage over their competition. Technology plays an important part in the daily functions of businesses today. In today’s challenging retail markets businesses must utilize all conceivable technology advancement in order to maintain a competitive edge. Having a competitive edge allows retailers to utilize data to make their business run more efficiently, and avoid potentially costly mistakes. When retailers, such as Target can gain insight to their target demographics, especially ensuring their target market has the products at the price that meet their customer’s expectations and also maintain their profit margins is when a win-win scenario is made. Technology impacts our daily lives, and it has a profound impact on retailers’ department stores such as Target.
Demographic
It has been reported that nearly every American home contains some type of computer, be it is a laptop or personal computer. This type of data is just one example of the type of information which is available. A retailer such as Target, or Target Corporation operates a large general merchandise and food discount stores primarily located in the United States. The main headquarters are
The owner of a top retailer wants to see which merchandise is selling which isn’t, or maybe the owner wants to know their overall margin costs in relationship in to which products on their shelves are more profitable then the others. In the not so distant past these types of reports would have required a lot of people, processing large amounts of data, and requiring lengthy delays in the results from weeks to even months. In the end, by the time the data was of any use it would have been out dated. In today’s markets, such retailer’s like Target rely on technology. With the current economy, and the number of business being forced to file for bankruptcy and ultimately closing their doors forever, now more the ever businesses need to gain a competitive advantage over their competition. Technology plays an important part in the daily functions of businesses today. In today’s challenging retail markets businesses must utilize all conceivable technology advancement in order to maintain a competitive edge. Having a competitive edge allows retailers to utilize data to make their business run more efficiently, and avoid potentially costly mistakes. When retailers, such as Target can gain insight to their target demographics, especially ensuring their target market has the products at the price that meet their customer’s expectations and also maintain their profit margins is when a win-win scenario is made. Technology impacts our daily lives, and it has a profound impact on retailers’ department stores such as Target.
Demographic
It has been reported that nearly every American home contains some type of computer, be it is a laptop or personal computer. This type of data is just one example of the type of information which is available. A retailer such as Target, or Target Corporation operates a large general merchandise and food discount stores primarily located in the United States. The main headquarters are
References: 1. Target Corporation. (15 July 2009). MarketLine. Retrieved from http://www.marketlineinfo.com.ezproxy.apollolibrary.com/library/DisplayContent.aspx?R=74F5EE7D-E1E7-4D57-B88B-9C0AC3D96501&N=4294838818 2. Target Corporation. (2009). Wikipedia. Retrieved from http://en.wikipedia.org/wiki/target_corporation 3. Robbins, S. P., & Judge, T. A. (2009). Organizational Behavior (13th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. 4. (2005). Walmart’s Most Wanted. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=f5h&AN=17355222&site=ehost-live. 5. J. Galazkiewicz and M.Colman, Collaboration between corporations and non-profit organizations, The Nonprofit Sector: A Research Handbook, 2nd edition, W. Powell and R. Steinberg (eds.), 2006 6. (2010).Wal-Mart Stores, Inc. - SWOT Analysis. M2 Presswire 30 Sept. 2008. General OneFile. http://find.galegroup.com/gtx/infomark.do?&contentSet=IAC-Documents&type=retrieve&tabID=T004&prodId=ITOF&docId=A186011832&source=gale&srcprod=ITOF&userGroupName=apollo&version=1.0