Retailers tap tech to cut costs

With competition in the retail space getting fiercer,retailers are exploring synergies with technology majors to increase operational efficiencies and reduce downtime.
"The burgeoning industry,which is adding new customers at every income strata,should evangelize frugal innovation to accelerate growth,"said Nasscom president Som Mittal at the two-day Retail Technology Conclave that began in the city on Thursday.

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Mittal said retailers in India should gear up for high transaction volumes and also work out ways to reduce cost on transactions.
Jerry Rao,chairman of Value & Budget Housing Corp,urged companies to tune into online real-time data to understand buying habits."That will cost a fraction of the cost of sales conference,but some retailers are still hesitant to make the switch.CIOs need to think differently and not measure their worth by the strength of the empire.As India is a price-sensitive market,price comes before value,"Rao,who delivered the keynote address,said.
According to an Ernst & Young report,retailers are leading the way in using virtualization.Around 67% of the retail firms expect increased IT operational expenditure this year.As technology is beginning to be an enabler in the decision-making process,more and more retailers are warming up to new-age technology to feel the pulse of the customer.Take France's Dassault Systemes.The product lifecycle management solutions provider has deployed Enovia Apparel Accelerator at Tata-owned Trent Westside stores.This technology reduces the time to market by complementing product design with sourcing,costing and pre-production processes on a single platform.Companies can create request-for-quote using this platform and it virtually manages the entire spectrum of activity from pre-production to manufacturing.The company,which boasts of GAP,GUESS,Adidas as clients,is betting big on the Indian market,especially the apparel and footwear technology space."We have started servicing Procter & Gamble in the country for simulation lifecycle management,"said Gilles Cruanes,VP of PLM sales and distribution for South Asia in Dassault Systemes.