Premium Essay

Products and Services

In: Business and Management

Submitted By Chukkaijoma
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Pages 4
Products and Services Paper

Products and Services Paper
Technology has drastically changed the retail industry. Today consumers are armed with tons of information that could be analyzed to help make buying decisions. Thus one could say that technology has provided the consumers with an avenue through which they can communicate feedbacks on product quality and brand to the retailers and brand.
As a result of technological innovations, consumers can compare prices, research products, check inventory, provide product reviews, and even exchange or return recently purchased products from the comfort of their homes.
This paper will present a case study outline of technological innovations that have helped shaped the retail industry with a focus on the Macy’s stores.
Technologies affecting retail: Retail business as we know it today has been shaped by a mix of technologies. First and foremost amongst these technologies is the Internet. Others include Customer Relationship Management (CRM), Network technologies, social networks, mobile technologies, and e-commerce. Effect of technology on Macy’s
The trend:
Consumers are increasingly becoming very comfortable shopping online. According to Arvidson (2013), the US Census Bureau reported that about $165 billion worth of transactions took place over the internet in 2010. This represented a 15% increase over the previous year and it is a trend that is expected to continue on the upward trend. According to Thau (2013), Macy’s stores recorded a 30% increase in online transactions in 2010.

New way to shop:
The internet has changed the consumers shopping experience and as such the consumer / retail interaction has also been changed. According to Arvidson (2013) IBM reported in 2010 that of the 3200 people surveyed in the USA, China, Canada, India, and the UK, most of...

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