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Analysis of Canadian Retail Industry

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Technology

The retail shopping industry can use technology to gain competitive advantages over others who don't invest in it. In the retail industry we have seen how walmart has been a leader in supply management because of their investments in information technology. Retail companies usually will have buying power over the suppliers because their purchases are a big part of the suppliers sales. In the retail industry, some companies like walmart use RFID tags and smart tags to help manage their inventories and many more are starting to embrace these technologies. The use of these technologies can help them know which items are getting low on stock and have the system automatically make an order for more to the suppliers, therefore reducing shortages or overstocking costs. It provides a complete goods delivery control from manufacturer to consumer, the ability to track the movement of goods from the warehouse to the sales area, the shelf life of each item, fast inventory and expiry date control are all advantages of these technologies. With better coordination, the suppliers will have more consistent manufacturing processes which will lower their costs, and pass some of the savings on to those companies and eventually the customer.
It is also important for retail companies to have an online presence. some such as the bay and Walmart already offer an online shopping experience to their customers as well. These day more and more customers are more oriented towards online shopping so having that option for your customers will be a big plus in generating sales. These websites are not as good as they could be yet, most of the time you will notice that an item is out of stock, they need to have better inventory systems linked to their online stores.
With data mining, companies can buy information to find out which type of product a customer is interested in

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