IoT Enabling Intelligent Retail

#News(General) [ via IoTForIndiaGroup ]

Drivers of Technology Adoption in Retail
There are several factors that have made the Retail industry one of the leaders in technology adoption.

Evolving Customer Preferences. Understandably, customers are kings in the Retail industry and their preferences drive the industry. For many years, customer loyalty was implemented through ‘loyalty programmes’ but today’s customers are not bound by cards and points, and factors such as same-day delivery, multiple payment options, on-the-spot problem resolution, and even invitations for exclusive events have a role to play in customer retention. The focus has shifted to better customer experience (CX). Retailers have access to immense data on their customers (which in turn raises concerns around data handling and compliance – requiring further investments in cybersecurity solutions), which is collected at every point of interaction and can be analysed for personalised and just-in-time offerings.
Maturity of the Omnichannel. Omnichannel retailing has been gaining grounds since the advent of eCommerce. However, the proliferation of mobile apps enabled not only easy access and monitoring of loyalty programmes, but also advanced capabilities such as the real-time view of inventory, and incorporation of virtual assistants for CX – and are pushing traditional players in the Retail industry to innovate and adopt the technology. However, as omnichannel has become the norm, retailers are evaluating the channels they want a presence on. While experts predicted that a brick-and-mortar presence would become redundant, retailers are realising that while consumers do research on the Internet and apps, many prefer to inspect and buy at a physical shop. This requires better integration and supply chain visibility across all touchpoints.
Globalisation of the Market. No longer can a retailer be sure of where the actual competition lies. One just has to look at the number of platforms and websites originating from Japan that have a presence across the globe to understand that competition can come from outside your country and very easily. Nor can they be sure of the best place to source their products as the world becomes one global market. In this global world, it is very important for retailers to have complete visibility of their supply chain, whether for a brick-and-mortar store or for eCommerce.

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