Retail is perhaps the most cut-throat of all industries, and a solid competitive strategy is essential to stay ahead of the curve. Technology is changing the way retailers operate and this impacts all aspects of their business, including inventory management, customer service and actual sales.

The cost of inventory management can be drastically reduced through technologies that can track inventory through its purchase cycle and offer real-time information about the product. Using precise tracking tools can help improve the overall efficiency and planning, by giving managers a clear idea of what items are being purchased and what items need to be stocked.