Transforming Retail with Technology to Combat Loss

Some technology-based approaches to inventory management that are strategically designed to end the waiting game for the customers and help the retailers to minimise the loss

- SUBRAMANIAM THIRUPPATHI

In an evolving retail industry, retailers are always on their toes when it comes to predicting the everchanging consumer demand. They realise how seasonal trends may impact what shoppers want, when they want it; and by how much. According to the Retailers Association of India, retail sales in March 2024 showed an 8% growth compared to March 2023, which was primarily driven by higher discretionary spending on apparel and sporting goods, among other things.

On the other hand, a single bad experience can potentially lead to losses as customers are overdosed with market saturation where multiple brands are providing similar services.

It was reported that retail stores in the US lost an estimated US$86.6 billion to retail theft in 2022, with forecasts indicating that it might rise to US$115 billion by 2025, reflecting a concerning rise in theft and crime in retail stores. To counter these challenges, products end up being locked up in cabinets and this becomes detrimental to the shopping experience. To purchase these products, shoppers will likely need to get help from a retail associate to unlock and retrieve them.