Technology and Innovation are rapidly transforming the face of business for retailers. On the other side, the consumers’ demand for convenience and immerse shopping experience will drive retailers to quickly adopt digital strategies that can increase revenue, reduce costs and deliver differentiated brand experience. That will definitely include the incorporation of IoT technologies.
The Internet of Things (IoT) will open up a whole spectrum of new opportunities for retailers to transform the way they deliver products and services. A research by Gartner reveals that by 2018, total cost of ownership for business operations will be reduced by 30% through smart machines and industrialized services. The most vital parts of the consuming process will now involve connected things: interactive touchscreens, sensors, beacons used for geo-targeted promotions, personalized or exclusive content, gamified in-store experiences etc will all play a major role in a wide spectrum of diverse applications and services never before combined, all under a robust framework.
The reasons why Brands should embrace the IoT are clear:
- IoT enhances the Consumer Experience: Both customer and operational benefits can occur from the improvement of the in-store experience. Brands can establish real-time interaction with consumers both inside and outside the store. This can take the form of touching the Thing to reveal product information, price reviews and reviews in Social Media, ‘smart’ shelves that detect low inventory, wearable devices that feature tracking ability to notify suggested products based on the consumer’s activity, smart price tags that can alter info/prices at real time, smart kiosks that can help the navigating experience, RFID/NFC solutions that track inventory, contactless checkout by scanning devices, etc
- Loyalty is enhanced: Loyalty schemes can be empowered by the use and access of omni-present data. IoT gives retailers the ability to easily pull in data from very large numbers of devices so as to deliver relevance, personalization and the right place and time.
- Brand Awareness is raised: The incorporation of digital engagement techniques into Things allows brands to enrich their brand identity and deliver unique, memorable experiences to users. Integrating existing CRM/loyalty data into direct messaging campaigns can be one case. Retailers are also able to generate more targeted, in-store, in-shelve, macro, micro or pico-campaigns.
- Improves Operational efficiency: Collection of data helps brands to gain competition responsiveness and insight to supply-chain changes and market conditions so as to adjust their production activity. Helps also the managers to plan the maintenance schedule, improve logistics and minimize costs.
When Things, people and processes are connected, possibilities are limitless so is the potential to transform your business by creating new business models and revenue streams. Are you ready to invest into the future and introduce innovative business practices?
MPASS, through the ExplorIoT platform is your valuable partner when you decide to make your first steps into the IoT. We can help you convert Things technology into actionable insights, value and business results.