Customer Engagement in the Age of Smart Retail: Infographic

According to the Internet of Things survey conducted by McKinsey, the implementations of IoT technology solutions in retail could have a direct economic impact of $ 0.4-1.2 trillion annually by 2025.
Being closely interwoven with Big Data and analytics, IoT offers an unprecedented opportunity to label and track inventory down to an item with RFID- and sensor-based asset management systems, facilitate picking operations in warehouse and eliminate the discrepancies between supply and demand by identifying patterns in sales data and automating inventory replenishment.
However, these are not the primary drivers of the Digital Transformation in retail; most brick-and-mortar businesses invest in the Internet of Things software development to be able to provide a seamless, personalized and immersive shopping experience to customers.

Customer Engagement as the Major Incentive to Invest in Smart Retail Solutions

Although close to 90% of retail sales transactions still happen in physical stores, recent advances in technology and mass adoption of consumer electronics have had a profound impact on the buyer journey:
  • Modern customers tend to use multiple devices and software applications — including smartphones, wearables, retail apps and payment services — during the product research, actual transaction and post-shopping period.
  • Buyers expect a frictionless experience across all channels and touchpoints.
  • Consumers — particularly the tech-savvy Millennials and Centennials — are increasingly willing to use smart retail solutions in store and share personal data with retailers.
  • Simplified access to product information has become essential to increase customer engagement and loyalty.
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Given this context, it is safe to say IoT will play a pivotal role in helping businesses increase personalization and achieve “just-in-time retail” objectives.
As predicted in 2015 Ovum retail technology survey, interactive digital signage solutions, smart fitting rooms, autonomous shopping carts and BLE beacon-based proximity marketing systems are steadily making their way to retail locations around the globe, while the early technology adopters including Kroger, Walmart and Target already reap the benefits.
Our new infographic, which is titled Customer Engagement in the Age of Smart Retail, provides a detailed overview of IoT solutions utilized by retailers looking to keep customers engaged. Feel free to share it on social media — and let us know whether your company makes use of in-store customer engagement technology and what results you’ve managed to achieve so far! Being closely interwoven with Big Data and analytics, IoT offers an unprecedented opportunity to label and track inventory down to an item with RFID- and sensor-based asset management systems, facilitate picking operations in warehouse and eliminate the discrepancies between supply and demand by identifying patterns in sales data and automating inventory replenishment.
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