Retail, the IoT and the stores of the future
It’s a hot topic at the moment – how will retail adapt to the current challenges facing brick and mortar stores?
Online shopping is on the rise and customers are using stores as showrooms whilst purchasing elsewhere. Retailers are looking to bridge the gap between the growing digital world and the traditional in-store experience.
A recent report states that over 70 percent of retailers are now looking to invest in IoT tech to improve their in-store experience. Further, 90 percent are looking to incorporate mobile into their in-store experience. The IoT and proximity tech is becoming more popular in the retail space. Here’s how retailers are using it to find omnichannel solutions to the big retail problems.
Using the IoT to personalise the customer retail experience
Personalising the mall or store experience will boost in-store engagement rates. Deployed IoT sensors can measure where users are in real-time. Targeting users based on their location is one solution for retailers. These proximity campaigns create value for the customer. By receiving advertising content when it’s most relevant, shoppers are more engaged.
Proximity sensors are now accurate up to one meter. Combining these with the connected IoT delivers content to shoppers when they are in highly specific locations. Reaching consumers in this moment personalises the shopping experience and it also improves brand image. The retail store of the future will be an individual experience and the in-store experience will need to be adapted accordingly. One benefit of the IoT and proximity is that it works in real time. This means in-store content can update live, depending on who’s in front of it. It’s in these micro moments that retail personalisation will be most prevalent. This will create high value for retail brands.
Digital customer engagement will help create smart retail spaces. For example, using in-store location to order out of stock products. Or even using digital channels to order in-store products for home delivery. Some retailers are even trying to implement the delivery of in-store items to your car. Adding personalisation and convenience to the buying journey is key for retailers. The best way to achieve this is through the internet of things and its accompanying location enabled tech.
Leverage data from the IoT for insights.
Digitalising the in-store shopping experience isn’t where this story ends. Using proximity networks it’s possible to gain real-time insights into your customers. The IoT consists of millions of proximity sensors which can shed light on how your retail space operates. Customers make purchases on multiple devices and in many different ways. It’s important for retailers to understand these trends and incorporate them into their omnichannel retail strategies. It’s about understanding how your customers are interacting with your brand. The IoT makes it possible to understand where to reach customers elsewhere on the buying journey.
Using the internet of things to understand how your customers move and interact with your retail store must be high priority for retailers. Location data from proximity sensors can help inform this. This data provides insights on how advertising or promotions affect store visits in real-time. Marketing activity can be measured based on cost per visit. Or even to understand the performance of in-store promotions.
The internet of things is growing quickly. Along with the accompanying proximity tech it will change the retail landscape. Make sure your brand is on board.