EMERGING TRENDS AND TECHNOLOGIES And its impact in retail Industry
The below report explains the 4 emerging technologies and trends in the world and it also discusses and analyses the impact of these technologies in the Retail Business Environment with the evidences and references from the real time and scholarly journals.
Radio Frequency Identification (RFID):
RFID is the automatic identification technology. It is the new method of information control especially suitable for the big retail stores. RFID technology is used for collecting data about a particular object without touching or observing the data transporter by using electromagnetic waves (Lewis, 2004). The information carrier is a microchip attached to an antenna. It is collectively known as transponder or tag. The antenna allows the chip to transmit the information to a reader within a particular range. Then it sends the information to a main computer server. People can identify the items by using EPC (Electronic Product Code). It provides a standardized and unique number for each product in the EPC global Network. Object Naming service (ONS) provides the accurate Internet website address to access the information of particular data. RFID contains two types of tags namely active and passive depends on its electric power (RFID Technology). An active tag has its own electrical source like a battery. Passive tags have to get power from the external reader. When compared to bar codes, tags can store more information. RFID tags exist in different materials. Plastics are the most common material for making RFID tags. It is used in credit cards, SmarTrip cards using in the public transit system, some car keys contains passive tags.
Advantages of RFID in Retail Industry:
RFID is used by the world’s largest retail store Wal-Mart. RFID has many applications in retail management. They are as follows:
• RFID is used in Shelf -stock management, checkout management and in Inventory.