It includes Human Resource Management, Finance &Accounting, Store displays, security
and miscellaneous issues. Technology has contributed in each sphere depending upon
the scope. From the HRM perspective, man power planning is now done with the help of
the systems. Software is available which shows the total position of the available staff. It
can also shuffle personnel based on the programming done.
Finance and accounting functions are now commonly system based. There are specific
softwares available to handle the cash flows, payments and receipts. Billing machines
have now become age old phenomenon. Since the products are generally bar-coded in
retail stores, the mechanism is different. At the point of sales (POS) all the product
codes are saved in the computer memory. Thereon with the identification of this code
the prices are simultaneously tabulated and added up. Moreover it is technological
advancement in the banking sector which is helping the retailers In their accounting
work. A retailer can any time log on to the bank site and with the help of his own
password access his account details. Thus, sitting at his store he can also come to know
whether the cheque deposited for clearance has been received or not this also keep
him updated with his cash in the bank position.
Plastic money is another contribution of technology. Credit cards have made purchasing
a very easy activity. They are being widely accepted. Debit cards are also in vogue.
Cash drawers are multi layered with space for different denominational currency notes
and coins respectively. It is connected to the billing machine. As soon as a new transaction
is entered in the machine, the drawer opens automatically with cash coming out. After
the cash keeping and change picking is through, the drawers automatically closed again.
Store display is another area which has been greatly benefited by technological
contribution. Now a days lighting in the stores is a result of advanced technology. Various
effects can be created with lighting. This, in turn, totally transforms store atmosphere.
As a result store experience can be enriched, thus stimulating sales. Besides lighting
affect, the entire display design can be visualized and actually seen on the monitor with
out investing even a single rupee.
Security is a critical area for any store. Close circuit televisions are an age old concept
but have become more common now with even medium size retailers.