Online Learning
CLICK HERE TO ORDER YOUR ASSIGNMENT

New Technology to Streamline Checkout in the Food Retail Sector

The innovation in the retail industry is the use of mobile shopping through the use of technologies such as MyGROCER business. The emerging technologies will cut down the time taken to process transactions and ensure better customer service. Introduction The retail industry is one of the most crucial and biggest industries in the marketplace. In the UK, the retail sector stands for more than seven per cent of the total value-added goods sold and has employed over 2.6 million or about 10 per cent of the working group (SCB Partners, 2011, p. 5). In the US, the retail industry contributes to 9.2 % of the GDP and created jobs for 17.4 per cent of the total workers. The grocery and food sectors are the main sectors in the industry and it accounted 173.42 billion Euros in 2010 that represented 52.7% of the total revenue from the retail sector in the UK. This sector is projected to continue growing at 3.9% annually. In 2010, the UK had 91,509 food stores out of which 7970 are grouped as hypermarkets, superstores and supermarkets (Kourouthanassis et al., 2002, p. 265). Tesco, one of the major retail companies in the UK is the largest private employer and was ranked as the twelfth sole contributor to the GDP in 2006 (SCB Partners, 2011, p. 5).The growth in the retail sector has been facilitated by technological innovations and effective supply chain management. However, the industry continues to pursue technological innovations with the goal of enhanced customer service by reducing the time taken to process transactions and bringing products closer to customers (SCB Partners, 2011, p. 5). Technological innovations are also coming up to help retailers streamline payments and assure the security of credit cards. Technological innovations in the industry also target to enhance efficiency in the back office operations of the firms. The technological innovations in the retail industry to be discussed in the paper include a technology to encrypt card information at the point of sale, the use of mobile devices in retail shopping and the use of NCR software. Moreover, the use of radio frequency identification in the retail industry will be explored (Bird, 2012). Cash Processing Technologies There has been a move by retailers to adopt technological innovations that enable them to enhance the security of their customer’s credit card and streamline their back-office activities as a way of improving efficiency and customer service (Bird, 2012). Most of the retailers are adopting technologies that help encrypt the information gathered from the credit card once it is swiped at the point of sale. One of the technological products is the VeriShield Protect developed by Lenexa-based Balance Innovations LLC, allows encryption of credit card information up to the point of processing a transaction. Ball Stores adopted VeriShield Protect and this has helped to streamline processing of transactions (Chilson, 2012).

New Technology to Streamline Checkout in the Food Retail Sector