How IoT And Big Data Are Going To Share Retail In The Near Future?
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Sep 17,2016
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Haven’t you already formed the habit of buying your products online, at least for some products? Don’t you already believe in social reviews for buying a product rather than so-called billboards and TV ads? Even when you cannot get rid of the habit of shopping at your local market, don’t you like to give extra credibility to a physical store with an online presence? To conclude these series of questions answers of which would irrevocably result in a loud audible ‘yes’, we must ask, don’t you think online and digital shopping experience will rule the retail business in the time to come?

Retail Experience Is Fast Evolving

Retail Experience

Well, the mandate is already clear for a more immersive shopping experience whether buying something online or at the physical store. In spite of the huge growth in ecommerce stores worldwide, still 85 percent of customers prefer buying their needful at physical stores, as cited by numerous surveys including a recent one by TimeTrade. So, besides online stores, the so-called physical stores are not going to vanish so soon. But will they offer the same shopping experience that your dads or granddads used to have? No, since retail experience has evolved faster than other industries, we can bet even within the lifespan of our generation we will see major changes in the way we browse and buy products, interact within a store and get offered the in-store services.

Retail And Location Technologies

Already location technologies like the Beacons helped customers and retail stores alike in coming into contact more contextually for the benefit on both parts. Thanks to location technologies and robust data analytics driven by the connected app the stores can drive highly personalized marketing and boost sales. More individualized digital marketing will continue to allow immersive real-time experience whether in respect of locating the stores or in-store browsing of products.

Thanks to these location-centric technologies now payment can be processed without requiring the customer to wait in the checkout queue. Actually buying a product in a connected store with Beacon enabled payment system requires no human intervention at all. It is something like entering a store and picking a product without literally needing to take your wallet out since the payment can be taken care of by the connected app through Beacon enabled payment gateway. It has become so simple now. These connected retail stores are increasingly forming the first embryo of widespread commercial IoT platforms just in the way of mobile platforms. As more stores will continue to embrace these immersive retail technologies, IoT connected and cloud powered shopping platform no longer seems to be a distant reality anymore.

Big Data And The Data Driven Marketing

Big Data And The Data Driven Marketing

What loads of data fetched from diversely connected gadgets mean? What significance do they have for knowing customer preference and about his or her buying habits? Certainly, it is these huge volumes of data that we produce while using our gadgets also make us most exposed to data-driven analytics. The connected stores and the retail data across the stores will help to generate more insights about the consumers at a personal level. This will lead to more contextually accurate individualized marketing and in-store promotions for the customers.

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