Better Retailing Through Data Collection and Analysis

One big technology trend in retail is the increasing collection and use of customer information to better predict consumer demand patterns, market to consumers more effectively, take a "scientific approach" to product pricing, and optimize supply chain efficiencies. IT departments at retailers are dealing with an increasing variety of technologies designed to help their employers better collect information from customers and better understand what the collected information means in terms of actions those retailers should take to increase profits.

For example, consider product pricing software. This relatively new type of software analyzes retailers' information about their customers to determine how products should best be priced so that they will move off the shelves while making retailers the most possible money.
 
- Contributed by Nitin Narayanan