Study on application of technology innovation in retail industry with special reference to RFID applications in marketing

Abstract

Retailing itself is today a huge global business Also direct interaction with the customers makes this operation a strategic activity in the supply chain Because of the competition and to keep customers happy and satisfied retailers do a lot of innovation Therefore consumers of today have greater choice Technology has been one factor that changes the most of the customers shopping experience Indian retail industry with its scope for growths is following the global trend and has started adopting technologies RFID is a pervasive technology that has found a major application in retail business However extend of adoption of RFID in Indian retail operations are still limited Countries like China India and Russia lag in the adoption of organised or modern retailing because of the restrictions on foreign direct investment in retailing However technologies such as RFID have both benefits and challenges which influence the adoption The costs of the tag, the sensor, are still huge for Indian retailers considering the size and format of operation On the benefit side the implementations of RFID will include automatic checkout at retail stores and reduced inventory costs due to efficient shelf replenishment With the variations in the technical feasibility costs involved and business formats the study purports the need for investigating the adoption and diffusion of RFID in the Indian retail Industry