Discussion: Watch the video on Retail Technologies. Pick one of the technologie
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Discussion: Watch the video on Retail Technologies. Pick one of the technologies to explain and use one example of a company that is using that technology. Pick a unique example that is not in the text or video. https://www.youtube.com/watch?v=iRvaWHk3A8k (I uploaded my discussion post below)
**Please Comment on these two classmates’ posts: Summarize your thoughts in a single discussion comment (about 200 words) as a reply to the post containing the classmate’s reflection that you are commenting on.
1. Nitnida Vorarath: The second technology that had been mentioned in the video is “Facial Recognition”. While watching the video, this technology immediately captured my attention. It identifies the customers right after they walk into the store. As we all know, iPhone, Samsung, and other technology brands have the facial recognition system, which is similar to the system the firms use for their retail stores. I’m surprised once I found out that the facial recognition system was originally designed to support security, events, and international airport. Nowadays, this system has been spreading worldwide, with several uses to benefit businesses and the economy. I believe the more advanced the technology, the better for the world and the facial recognition system. It’s crazy how this system can show what type of products the customers will purchase, their average spendings, and what emotions the customers are in. Thus, this information will allow companies to focus on or solve the right things. Having a facial recognition system in the business can be smarter for advertising. it has the ability to advertise more targeted by making educated guesses at people’s age and gender. According to the online site form Facefirt.com, “Companies like Tesco are already planning on installing screens at gas stations with face recognition built-in.” Once the system scanned people’s faces, they will be saved in the system. In case people are stealing some products from the retailing stores, face recognition can help the stores recognize the moment people are stealing. Lastly, there are several ways facial recognition will improve the retailers, which including, reduce Shoplifting, allow stores to customize the shopping experience, enable employees to provide better customer service, and bring tracking concerns to the physical shopping experience.
Once I understand this technology concept, it reminds me about this week’s material about Retailing Value Outputs. The video once mentioned that facial recognitions can use software that read emotion to identify when people are frustrated or happy, which links to ‘understanding customer choices’ in the retailing value outputs. Under this topic category, it includes ‘identifying customer segment’, ‘improve service quality’ , ‘a focus on what is meaningful to customers’, ‘improve brand loyalty’, improve brand success’, and ‘stronger customer relationships’. Once we know how customers feel or what they need, we can satisfy them in to the right point. The video also mentioned that this technology can show how much each customer is usually spending, so the sellers can focus more on this group of people to create more benefits from it.
2. Zecheng Ye: I think the most important thing learning from this week is how to find the best marketing strategy for your business. First, we have to fully know about our operation, identifying strengths and weaknesses. And then, based on that, we want to find the best marketing plan for our target audiences. In the case study, because the company is not really knowing its marketing plan to maximize its strengths, they are often behind in a competitive market. Therefore, understanding the corporation and creating marketing planning is the key to success in marketing. Second, I think the market concepts determines the direction of the marketing team. The market concept makes sure every marketing team is progressing toward the same goal. It improves the communication and efficiency of the marketing department. The Guilford case is the opposite of a great marketing company. The Amazon Stores no checkouts is the advanced version of self-checkout. It is more convenient for member customers. It also decreases labor costs for the store. The store will be operating more efficiently and fluently. However, it raises the bar for new customers. They need to install certain apps and register to get in the store. Traditional consumers might not accept these stores. On the other hand, stores can identify your I.D through your cell phone and knowing what you purchase. Basically, you don’t have any privacy. Based on your purchases, stores can project anything about their customers. Virtual Reality becomes more and more popular. A lot of furniture retailers are trying to use V.R to create a showroom for consumers so they can view it online. Furniture companies won’t need large showrooms if they could create V.R showrooms. Also, consumers could put new furniture at home by changing the background. V.R showrooms will change the retail business of furniture.