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Retail technology management assignment
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Assigned by- Dr. Raj Kumar
A RTM (Retail Technology Management)
Assignment
Submitted by- Ananya Mishra (BFT/20/209)
Introduction
Corp
cosmetics, home & Kitchenware as also its own private brands
channel retail strategy, a combination of physical stores and online site -- to
grow its business.
Apparel – Shirts, skirts, dresses, jumpsuits, jackets, bottom wear, baby suits, winterwear, pants,
sportswear, swimwear, lingerie, nightwear, sarees, churidar suits, t-shirts, jeans, cargos, trousers,
blazers, shorts and kurta pyjama
Accessories – Umbrella, reading glasses, diaries, pen, travel essentials, sunglasses, scarves, clutch,
wallet, handbags, watches, belt and cufflinks
Footwear – Flip-Flops, bellies, wedges, platforms, heels, flats, boots, slippers, sandals, casuals and
formal
Jewellery – Fine jewellery, fashion jewellery, artificial jewellery and gold coins
Toys – Dolls, infant toys, soft toys, musical instruments, board games, educational games, cars, toy
trains and blocks
Beauty products – nail polish, shampoos, make-up, moisturiser, scrubs, masks, hair colours,
perfumes, deodorants, shaving products, make-up tools, soaps, serums and toners
Homeware – Bedsheets, bedcovers, pillow covers, dinner set, tableware, kitchen tools, bath towels,
bathrobes, laundry baskets, curtains, rugs, doormats, dustbins, furniture, clocks, candles, lamp
Product
Price
Shoppers Stop has targeted upper-middle-class section of society as its target customer that
puts its onus on quality and style.
It has set a high benchmark in the retail industry as its policies have resulted in an increase in
footfalls.
Shoppers Stop has adopted a premium pricing policy as it has been able to project itself as a
high-end brand that deals in only qualitative products.
Its customers are willing to spend premium prices for premium products.
Shoppers Stop has also adopted a promotional pricing policy and offers incentives like summer
and winter sale to increase its customer base as well as sales volumes in order to garner larger
revenue figures.
Shoppers Stop has adopted both ATL and BTL marketing strategies to promote its brand in the
consumer market.
It has also implemented Interactive as well as Guerrilla marketing to increase brand awareness.
Shoppers Stop has launched several ad campaigns and promotional policies with help of
electronic, digital, print and social media platforms.
Advertisements are shown on popular television channels, newspapers, magazines, and
hoardings. Twitter, Facebook and YouTube to garner maximum exposure.
Shoppers Stop also offers periodic discounts and gift vouchers to attract further sales at regular
intervals.
It has launched a loyalty program titled First Citizen for its regular customers as well as
Shoppers Stop Gift Card after a tie-up with Quicksilver Solutions.
Problems identified
While Shoppers Stop is an excellent example of how a retail store/departmental store should be, it still lacks in some areas
which can adversely affect their footfall. Upon my visit and observation, these were the two problems that I identified that
would personally bother me as a customer:
Searching for an item is hectic: Shoppers stop is a huge store with a varied product assortment. It can get difficult for
customers to find their desired product. With so many sections, one can get confused and irritated easily.
Checkout waiting lines: Shoppers Stop’s footfall increases everyday. People buy their products, but due to increasing
customers, checkout counters tend to slow down. This creates a long line of people waiting and takes up a lot of time. Also,
since we’re living in a pandemic-stricken world, people might not be comfortable with getting in contact with people.
IPS TECHNOLOGY
Real-time knowledge of the location of people or objects has become essential for the deployment
of services in many fields such as retail, logistics, urban planning, leisure activities, etc. The
success of global positioning systems and the mobile revolution have forever shifted the way we
relate to technology both in business and in our personal lives.
However, GPS is not always able to locate people when they are inside a building. This is because
GPS technology uses the signals of satellites in orbit. These signals are seriously degraded when
there is no direct visibility, which makes indoor location finding difficult.
Indoor navigation and location systems have appeared to fill this role to provide location
information in real-time in indoor environments.
There are different indoor tracking systems depending on the type of signals used. All of them have
their own limitations and none of the options is perfect. From a practical point of view, it is important
to understand them to select, depending on the application, the best technology. Below, we have
some of the most common technologies.
1. IMU (Inertial Measurement Unit)- Inertial Systems
inform about the relative movement of the tag with the
integration of several sensors such as accelerometer,
magnetometer, and gyroscope, in a tiny module.
2. Infrared Light- These systems used infrared light
pulses like a TV remote control. They require an
unobstructed Line of Sight (LOS) between the anchor
and the tag.
3. Ultrasound System- Ultrasound systems use sound
instead of light. It does not interfere with
electromagnetic waves and does not require line of
sight. The system requires a set of anchors and a tag.
The challenge comes from implementing in-store navigation solutions for your business. The
first step is hardware. Having the right infrastructure in place is essential, whether it be
Bluetooth beacons, Wi-Fi RTT, or ultra wideband (UWB). Target chose to implement Bluetooth
IoT lighting systems at many of its locations. When guests shop with the Target app on their
phone in stores, they can get access to a map that helps them find their position in the store
and find the items that they need.
This particular solution placed the Bluetooth beacons in the lighting systems above the sales
floor. However, other solutions may be possible based on the layout and size of the store. After
the infrastructure is set up, all that’s left is to develop the software that can take advantage of
it.
IPS systems have much more potential than just helping guest shop. Having data on where
guests shop in the store has three beneficial implications: targeted suggestions, tracking
customer traffic, and item tracking.
Cashier-less checkout
The Working Behind this Grab-and-Go Experience
1. A Dedicated App
The smartphone or iPhone app is
needed to enter the Cashier-less
store. The app would prompt the
user to scan the QR code for
authentication. It is like the ticket
that is mandatory to validate entry.
It is the app again that aids in
Cashier-less checkout by billing the
customers digitally once they step
out of the store.
2. Sensor Fusion
This comprises cameras and
sensors that are located across the
store to keep track of what item
goes into the shopper’s cart.
Where cameras oversee each and
every move of the shopper, the
sensors keep a record of the items
Convenience stores are changing the way people shop. Amazon Go with the “Just Walk Out”
shopping experience has fascinated its customers. And with other established brands
following the lead, it is safe to say that the future of retail is Cashier-less stores.
It is time to adapt to the improving technologies and the opportunities they offer. While
Cashier-less stores pose a few challenges that are mentioned above, they can be efficiently
solved with the right implementation of systems and processes. This way, a brand can
embrace every aspect of digital transformation both online and offline to offer its customers
a truly omnichannel experience.
Further on Cashier-less Checkout....