As technology is advancing and because of rapid development and extensive spread utilization of the systems of information, the requirement for adoption of technology and information technology is there in each sector of the Woolworths Group. Information technology is a massive area and utilized in the wider term but very usually it is utilized in the framework of telecommunication and computers equipment which are very beneficial for the organizations. Therefore, we could say that this particular term is significantly utilized in the framework of telecommunication and networks of the computer. The industry of information technology is deliberated as a developing industry and many trends are also emerging in technology in every organization including Woolworths Group. All these emerging trends involve the development, design, study, management, support, implementation, or application of information systems based on computers. This report will deliberate on the developing trends of technology and its implications and various benefits in the Woolworths Group (Balda, et al., 2012).
As globalization is spreading throughout the whole world the traditional partners of the business are also changing. Each individual is considered as the rival now comprising partners, consumers and suppliers and also the organization as a whole. Innovative Global Models of business have been developed by partnerships and associations and planned to outsource organizations as the outcome of this complete range of resources, skills and offerings of the market is there which are simply reachable for every individual. In the composite global environment of business, no particular, individual model would easily fit the wide range of the circumstances that all the leaders of the organization come around.
Individuals and organizations across the whole invest a huge amount of money in utilizing and offering different methods of technology. Innovative products, standards and services appear every particular day. Various involve even or unsuited interfaces and provisions of competing. The key aspect of the revolution of information is the emerging technological, social and economic part of the information (Balda, et al., 2012).
Technology is the mixture of various aspects involving wisdom, knowledge, information and data. Information and data are very easily moveable in the modern era, whether in electronic, written or verbal mode. But knowledge is built by an individual and conveyed through interacting with a human.
Few of the most essential innovative technologies, issues, standards, approaches and trends are there which must be recognized by the organizations. Various emerging technology trends are given below:
- a) Artificial intelligence
- b) Mobile Wireless Technology
- c) Security & Privacy
- d) E-commerce & Retail
- e) Digital Entertainment & Media (Faloye, 2014).
Woolworths is the largest chain of supermarkets in Australia as it is operating around 1,076 stores around Australia. Woolworths depend on around 115,000 members of the team in all the stores, customer care offices, and centres of distribution for providing the consumers with greater convenience, value, range and services (Faloye, 2014).
As Woolworths is the largest chain of supermarkets in Australia, it prides itself on operating very closely with farmers and growers of Australia for making sure that the best quality products and services are accessible to their consumers. Woolworths also understands that all the customers are seeking a simple and innovative manner of shopping. Customers could shop easily from the comfort zone of their particular computer at their residence or on the bus or train on their route home from their work by utilizing various methods of technology or the website of the organization. As technology is advancing day by day, Woolworths Group is also utilizing emerging trends of technologies in their operations the business.
As technology has surely become much more powerful in the industry retail in the previous years, consumers are now further tending in picking up their cell phones for searching and purchasing various products and items online instead of going to the retailers’ shops and that is why Woolworths Group is also offering online shopping services to their consumers. But, ordinary retail stores are still the major priority of various consumers and it is also essential that they must remain up to date with all the advancements of technology in the market. (Faloye, 2014).
Benefits of implementing the new technology
Various benefits that Woolworths group are getting by implementing the innovative technology are given below:
- Decrease in the costs of inventory – We can say that the sector of the retail industry is running today due to inventory only. It is known that the control method of inventory is the basic equipment for the management of retail, and all the retailers are satisfied with this. With the management of inventory, the organization has the idea that what it has in their store for getting the idea of their stock whether it is buying or selling. This process takes very much effort and time, executing technology could help the retail organization digitally manage all those things. Once it is done online, each aspect of the performance of the store is in the system of the fingerprint. The organizations could manage each thing online and selects its preferences either margins, costs, or price (Ismagilova & Sukhova, 2016).
- More satisfaction of consumers – Satisfaction of consumers must be at the basic of the business as it is the main aspect in selecting whether the organization will be successful or not. Organizations might observe that sometimes consumers have various concerns, however, they recognize it is hard in discussing with the brand or store due to poor communication. In this situation, the organization can implement or execute technology for offering a seamless experience and support to consumers. The organization could give digital assistance and get satisfaction by resolving the jargon of the consumers instantly (Ismagilova & Sukhova, 2016).
- Enhanced association between consumer and retailer – Consumer service is the critical factor of any retail store since the customer of the store expects that they give them with excellent services that they ask for. If the stores help their consumers with all their apprehensions, it will satisfy the consumers easily. Having the technology of smart and smooth scheduling of the ecommerce retail store could be the best step for connecting with the customers. Many brands are there with some luxury things; consumers could simply set some appointments at the closed location of a retail store and select the preferred time and day (Granados, et al., 2021).
- Safer and secure environment of shopping in-store – The further and very essential advantage that the organization could consider of utilizing technology is that for all the consumers it became very easier for shopping personally. The cause of this is the COVID-19 pandemic as individuals were very habitual to shopping through online applications and also purchasing various items through online shopping. Due to this, seriousness has created a disaster among all the shoppers.
Because of modern software and technology, people are making further now to in-store or offline shopping. Technology trends have aided the owners of the store in organizing purchases of consumers in suitability and slots (Granados, et al., 2021).
There is not any denial that we exist in the era of technology. It doesn’t matter what organization or features of life we see today, technology affects it in some manner. In this report, we find that one of the major advantages of technology is suitability. People could now purchase while just only sitting at their residence. All the information about the product is only a click far. Individuals have an immediate approach to every particular thing that they can probably desire to know. Businesses could reach potential consumers across the globe, doesn’t matter how small or large their business operation is (Loevinsohn, et al., 2012).
By implementing the emerging technology trends, Woolworths Group can take many advantages in their business operation of retailing. As the technology helps to increase customer satisfaction, there are various methods of technology which is beneficial for every particular organization to identify probable risks that can damage the operations of the business. Because of technology, a retail store can access everything easily and rapidly. Software of security, tools of e-commerce, advice of finance and education help the organization keep and flourish their consumers engaged. The technology could enhance productivity if the company has more than a thousand employees as artificial intelligence permits all the companies to reflect as such they have a complete team operating for satisfying consumers. It secures the overhead processes and expands the abilities of business (Loevinsohn, et al., 2012).
By combining all the discussions, it is observed that technology is a blessing for all of us in disguise. It has entered almost all aspects of people’s lives from operations of the business to freedom and society also. The entire world has become the International Village and technology has carried the globe very nearer than in previous times. In previous times, people utilized only communication by telegrams or letters which were very long processes however now the means of communication are very cheaper (Oye, et al., 2012).
In the retail industry also technology has been very beneficial as it increases productivity, satisfies a large number of consumers, saves time for consumers as they can do shopping from their home, secure them from frauds, and help them in giving relevant information about retail markets and store, helps the retail stores by making rapid delivery, fast payment, small queues and digital shows of relevant information and recommendations. Overall technology permits the supermarkets including Woolworths Group for evolving in a manner that creates shopping for food as simple as conceivable (Oye, et al., 2012).
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Faloye, D. O. (2014). The adoption of e-commerce in small businesses: An empirical evidence from retail sector in Nigeria. Journal of Business and Retail Management Research, 8(2). https://www.jbrmr.com/cdn/article_file/i-18_c-167.pdf
Granados, N., Zwagerman, A., & French, B. (2021). The MEDIA Report: Media & Entertainment Data In America 2016 to 2022.
Ismagilova, L. A., & Sukhova, N. A. (2016). ASSESSMENT OF QUALITY OF INNOVATIVE TECHNOLOGIES. International Journal for Quality Research, 10(4). http://www.ijqr.net/journal/v10-n4/3.pdf
Loevinsohn, M., Sumberg, J., & Diagne, A. (2012). Under what circumstances and conditions does adoption of technology result in increased agricultural productivity? Protocol. Institute of Education, University of London. https://assets.publishing.service.gov.uk/media/57a08a6440f0b652dd0006ec/LoevinsohnProtocol.pdf
Oye, N. D., Salleh, M., & Iahad, N. A. (2012). E-learning methodologies and tools. International Journal of Advanced Computer Science and Applications, 3(2). https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.259.3524&rep=rep1&type=pdf