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Technological Solutions to the Decline of the High Street

Info: 2601 words (10 pages) Essay
Published: 11th May 2021 in Retail

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Question 1- Retail Apocalypse: Will Offline Shopping Become Extinct?

As indicated by Statista, in 1951 there were around 590,000 stores in the UK, in 2012 there were 281,930 and only 220,000 will get by 2020. With home conveyances aggregate dramatically, the decade from 2020 to 2030 will see extra 100,000 stores close if this inclination keeps: leaving only 120,000 shops on our road.

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At that point, there's internet banking around 9,000 banks and building society branches have been shut since 1990 and more terminations have occurred. Names you'll presently don't see on the road's viewpoints incorporate the Midland, Abbey National, Bradford-Bingley, and Alliance-Leicester.

As should be obvious further Jhon Lewis is one of the organizations drawing closer ahead on the web: 25% of its deals have now finished up the web. Internet business could spare notable brands, yet these deals will be to the detriment of organizations own actual stores, Tesco's income was £2.9bn on the web, Amazon was second. (Anon., 2013)

As per compelling place for Retail Research (2013) distributed an investigation of how UK retailing has changed by 2018. That report was comprehensively revealed in papers, for example, The Times and conjecture that by 2018:

• Total store numbers have dropped by 22%, from 281,930 every 2013 to 220,000 out in 2018.

• Job misfortunes could be around 316,000 contrasted with 2013.

• The portion of online retail deals will ascend from 12.7% (2012) to 21.5% of all retail spending by 2018.

• There will be a further 164 enormous or little measured organizations going into the organization, including the loss of 22,600 stores and 140,000 representatives.

• Many of these organizations will endure yet at the expense of shutting the greater part of their stores.

Nonetheless, in the Darwinian cut and push of retail 10,308 is a viable number of markets:

however, decrease that to around 7000, by shutting down the most un-beneficial stores. Because of (Anon., 2013), In the UK in 2012, there was a sum of 281,930 stores. Individually, in 2018 there were 220,000 stores stay open. This information shows that 61,930 stores shut during those 6 years hole. This shows that how eCommerce molding things.

(Anon., 2013) 

 Retail week says that Amazon is at the front line of E-business, multichannel retailers rule the best 10 rundowns of UK online pioneers generally.

(Week, 2013) 

(Emarketer, 2017) 

This revelation is additionally in accordance with the decrease of Brick and Mortar deals. Due to this, many well-known brands have started their online stores to future-proof their business.

 

(Wolf, n.d.) 

Retailers need to alter their disposition in the course of the market. The present is a client market and accordingly, the need is consumer loyalty. The firm must be in the acceptable books of the customer. Better quality items, reasonable costs, and cordial after-deals administrations are the fundamental zones wherein the business needs to center to an uncommon degree.

The substance of retail has changed. Today, retailing implies going into malls, going on the web. Be that as it may, the close by the store is consistently the main worry for all reasons and seasons. E-stores and retail locations both need to endure, none at the expense of the other. It's not just about vocation it provides for a large number of individuals yet additionally the openness and the responsibility of a fixed retail location.

Question 2- What will be the Pros and Cons of each technology?

2.1-Beacon Technology

BLE Beacon is a small Bluetooth transmitter that gives off a constant signal and alerts the user of specific information that is being transmitted. Signals work through an application, for example, BeaconNear, BLE Beacons work inside nearness that is set by the business, going from inside 30 cm to 5m to 200m, and even up to 700m with a military-grade option.

BLE Beacons have an outsized read radius and are enormously low on power consumption for the range they cover. They also come without all the challenges that active RFID poses like infrastructure and value.

BLE Beacons can be hijacked if they are not set up as EID – i.e. beacon ID is constantly changing. There are many ways that beacons could be unsafe.

i.e.:

Are stolen or get lost

Run out of battery.

Hard to join messages or you're too occupied to even think about updating content

(Facilit8, n.d.) 

2.2-Facial Recognition

Facial Recognition Technology has developed a part of many people’s lives. From surveillance cameras in grocery stores to tagging friends in social media to security procedures on smartphones, facial recognition is in many places, and its use will likely upsurge with time I think.

All technology has potential benefits and downsides, depending on how you use it. Law authorization organizations utilize facial acknowledgment to discover missing individuals. It’s been used to find kids who’ve gone missing.

Business owners use this technology in coexistence with security cameras to identify people who’ve been caught stealing or were suspected of stealing as they enter the stores. This pro-active security measure can help avoid shoplifting, and the good thing is it does not require too much human touch, such as fingerprinting physical contact, or direct human interaction.

The danger to singular security is a huge disadvantage of facial acknowledgment innovation. If we think about this technology can be hacked but good coding and having the best architecture could defeat any bad prevention.

2.3-Robot Assistants

Where can we see these things? In Malls, Supermarkets, or Library. Visualize a robot doing some of the major tasks of managers like using data to estimate problems, making better decisions, monitoring team performance, and even setting goals. Technology is playing a fundamental role in helping humans work more efficiently.

Let's see what cons and pros this technology offers the business world:

The unemployment rate is increasing, having robots in businesses human labor is no longer required in many factories and manufacturing plants. Robots can undoubtedly handle their prescribed tasks, but they characteristically cannot handle unexpected situations.

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 Where a robot saves time, on the other hand, it can also result in a lag. After all, a machine so you cannot assume too much from them. If a robot breakdowns, you need extra time to fix it, which would require reprogramming.

2.4-Smart Mirrors

Smart Mirrors or I state Magic Mirrors, the flood of actually pre-prominent instruments that assemble individual information to help us is a pattern encompassing the magnificence business. The new voice-actuated 'keen mirrors' can change the lighting to suit your requirements and accompany minuscule cameras that help inspect your skin to the littlest, clearly minute detail. What's more, why? To decide whether your skincare routine is working by utilizing around the-minute innovation, and along these lines driving you to embrace in the event that you need a delight change.

Magic Mirrors can help ruin future issues. It can assist with deciding whether you have had an excess of sun presentation, or are in more serious danger of malignant growth, sure. However, it can likewise console investing much more energy considering your appearance, defects, and propensities. Like the ethereal animal arguing for praises in a talking mirror, we can wind up asking direction from a wonder gadget that will underwrite why you are not the most attractive of all, yet with science and real information.

Keen Mirrors are a captivating innovation, and maybe some time or another they will have a broad victory presence in the retail world. For the time being, be that as it may, Smart Mirrors serve generally to cause physical retail shopping to feel more like web based shopping.

2.4-Auto Checkout

Self Service World stated that 27,000 self-checkout terminals were transported to businesses around the world in 2018. This development is projected to gradually rise and 60,000 terminals are going to be shipped in 2024. Consequently, more businesses are choosing to participate during this system, i.e. Amazon Go.

Here are some pros and cons of self-checkouts,

 

Efficiency and Speed of Checkout

Fewer Employees to Pay

Customer Difficulties

Potential for Theft

While who knows this technology can navigate their way through self-checkouts with ease, it will be challenging for others who don't know. the celebrity gradually decreases with older generations, who are a touch more set in their ways. Feasibly the most effective thanks to conciliating customers are for business to supply a combination of auto-checkouts and traditional ones with cashiers.

Question 3- Supermarket 2020: Future of grocery shopping!

We think that individuals are likely to stay a crucial feature of stores due to their role in creating social engagement and a pleasurable experience. Well-trained, well-informed maintenance staff members are the most effective way for grocers to attach with their customers and provides them an unforgettable and differentiated experience.

(Wyman, 2018) 

The change to online shopping has conquered retail trends for several years. Of late, fruitful online business traders – from Amazon inside us to JD.com in China – are progressively opening or purchasing actual grocery stores. However, online retailers want to transfer a number of their digital efficiency to their new brick-and-mortar stores, in order that they are trialing with new sorts of automation.

The supermarket in the long run will inspire customers and improve their overall experience. Overhauls could contain prevalent new food contributions, food courts, gastronomic zones, and cooking classes. Each of those features will be combined with expert advice; this may be labor-intensive and, therefore, expensive. To fund this investment, stores will arrange modern automation technologies that release staff from monotonous operations. These freed-up hours can then be invested in happenings that add greater value to the customer.

A number of those store elevations are going to be costly, but technology presents huge opportunities to avoid wasting money by simplifying basic tasks, while also providing a more robust customer experience. we expect retailers could liberate 20 percent of their labor using existing technology and by systematically optimizing and simplifying day-to-day processes.

By adding the price savings from massive automation and therefore the transformation of supermarket sections, like the middle store, the longer-term store is going to be ready to operate with labor hours reduced by 40 to stand proud of their levels today.

The developing portion of online basic food items keeps on drawing a lot of consideration from both the retail business itself and more extensive inclusion by the press and in this way the examiner network. whilst that share grows, physical grocery stores are undergoing a quiet revolution of their own. Physical stores will at present satisfy the vast majority of the need for nourishment for years to come. Retailers who contribute inside the future market currently will discover their stores liable to in any case flourish as a significant piece of the omnichannel future.

References

Anon., 2013. UK: Retail Research. Available From: http://www.retailresearch.org/onlineretailing.php 

Anon., 2013. www.statista.com. p. 12. Available From: http://www.statista.com/statistics/299155/number-of-stores-of-grocery-retailers-supermarkets-united-kingdom-uk/ 

Emarketer, 2017. p. 24. Available From: https://www.businessinsider.com/brick-and-mortar-retailers-getting-hit-the-hardest-2018-5?r=US&IR=T

Facilit8, n.d. s.l.: Facilit.net.au. Available From: : https://facilit8.net.au/beacon-technology-a-brief-overview/ 

Week, R., 2013. Retail Week. p. 12. Avail From: https://www.oliverwyman.com/our-expertise/insights/2019/jan/boardroom-volume-4/new-marketplace--changes-in-store/the-future-supermarket.html

Wolf, n.d. Issue Wolf streets, p. 4. Avail From: www.emarketer.com

Wyman, O., 2018. Oliver Wyman analysis. p. 8. Avail From: https://guides.library.ulster.ac.uk/ld.php?content_id=32543791

 

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