How Technology Is Changing the Face of Business Today

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How Technology is Changing the Face of Business Today

“The difference between the winners and losers in retail increasingly comes down to one factor: tech savvy” (Sherman, 2012). The retail marketplace is increasingly competitive and therefor undergoing constant change to attract and convert consumers. According to the survey conducted by the retail consulting firm RSR, “firms that outperform industry averages for annual same-store sales comparisons tend to use and understand specialized computer software tools to manage specific aspects of merchandising” (Sherman, 2012).

With increased adoption of smart phone technology, QR codes have become a common sight in recent years. QR codes now appear in television commercials, print ads, and in stores. In store locations vary from front windows, to dressing rooms, to product displays. These codes extend the shopping experience beyond the brick-and-mortar of a store (Carver and Matus, 2012). Stores offer an enhanced experience using the QR codes by linking to the store’s “app” that can be downloaded for an easier shopping experience for mobile users, incentives and sweepstakes opportunities, additional product information, or user instructions. “QR codes are a way to demonstrate being on trend and an edgy way for the consumer to connect with the store, while receiving some benefits” (Carver and Matus, 2012). The retailer also receives benefit from the consumer’s use of the QR code. Information regarding the consumer can easily be captured to better determine the retailer’s demographics and product preferences. Additionally, linking the QR code to social media can provide additional advertising opportunities to the retailer at a minimum cost.

This year, Target decided to join the group of retailers using QR codes to interact with their customers. “Target is creating new ways to help make guests’ digital shopping experience more convenient, seamless and personalized” (Wohl, 2012). Target has added...
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