The retail industry is changing before our very eyes. This transformation is being driven and accelerated by the strategic application of cutting-edge technologies. Retailers are leveraging new advances in customer analytics and insights to deliver richer customer experiences, creating intelligent supply chain management and offering customized products and services. With a more immersive customer experience, retailers are finding that they are rapidly increasing revenues and seeing more repeat customers.
Smart Use Cases
Technology providers are already experts in mapping solutions that deliver on desired business outcomes. The evidence is all around.
Look at the Mall Of America IoT directory system. This massive mall covers 5.6 million square-feet. It’s easy for shoppers to get lost, and that’s not good for business. The installation of nearly 100 digital directories increases the amount of time individuals spend in the mall’s stores and decreases loitering. Customer satisfaction levels have already increased, as they are able to more easily locate stores.
Managing inventory levels is a balancing act for many retailers, and when retail management systems fail to reflect accurate data, sales are lost. This “phantom inventory” posed a serious problem for the country’s largest sporting goods retailer. To address the issue, Storeworks designed and implemented a customer- and associate-facing transactional kiosk for alternative fulfillment opportunities. Storeworks’ Endless Aisle kiosk solution paid for itself in no time, generating enough gross margin to pay for the acquisition cost of the kiosk in just four weeks.
A New Twist On Retail
Reports of retail’s demise are greatly exaggerated. In fact, a recent report from Intel says that according to accounting firm EY, in the next three years online shopping will only account for 19 percent of transactions, and the majority of purchases will still be made in stores and via in-store kiosks. Vengo IoT vending machines are a new-age twist on in-store vending machines. The concept is also making its way to college campuses. While the technology provides an experience much like that of online shopping, where customers can browse options and read through detailed product information, they don’t have to wait for the product to arrive. They receive it immediately, giving instant satisfaction.
Learn how digital transformation can help you uncover new sales possibilities and see other Intel IoT smart retail technology solutions here.