Tom WHITE

In recent years we have seen a vast surge in e-commerce websites, offering consumers a magnitude of choice and an unprecedented amount of convenience. Consumers of today have the ability to browse a wide variety of products at any time in any place and can have these delivered straight to their door the very same day.

But as retail moves increasingly online, many have questioned the survivability of the traditional, physical retail store. The past couple of years has been tough for the British high street with high levels of closures sweeping across the country. Earlier this year, Marks and Spencer revealed plans to close a total of 100 stores by 2022(1)- and the 134-year-old cherished supermarket chain is not alone in this.

Electric retailer Maplin and the nostalgic Toys R Us plunged into administration in February this year, with many other retailers reporting some of the toughest years of too date.

But is it all doom and gloom for the brick-and-mortar store? Or are tales of a dying retail a slight exaggeration?

Technology can breathe new life into the High Street

Due to the digital revolution, the traditional retail model is changing. With the choice and convenience provided to customers through e-commerce giants such as Amazon, retailers are looking for new ways to make their stores relevant to customers.

Brick-and-mortar stores will need to deliver value to consumers in new and exciting ways. According to an Oliver Wyman report(2) named “Retails Revolution”, in order to do this, retailers must focus on convenience, experience, and customer service.

Is The Internet of Things the answer?

In the retail industry’s rapid transformation, The Internet of Things (IoT) solutions seem to be taking centre stage. With a wide variety of applications, IoT is helping retailers to increase customer loyalty, boost sales, offer customer a personalized experience, and improve inventory management.

According to a research report by Global Market Insights(3), IoT in the retail market is predicted to reach over US$30 billion by 2024. Here are a couple of examples of just how IoT is breathing new life into retail.

Smart shelves

Powered by RFID tags, an RFID reader, and an antenna, smart shelf systems are transforming inventory management in retail. Once an expensive and tedious process, now shelves can automatically monitor inventory, sending alerts to managers when inventory is running low or is due to expire.

With the ability to track inventory, retailers can reduce operating mistakes and save on costs. But as well as this, smart shelves are playing a vital role in providing intelligent insights into customer behaviour.

By tracking and monitoring the movement of items, an IoT system can provide valuable information to retailers relating to its customers’ needs and preferences. From this data, retailers can understand which areas they need to improve on to boost sales and engage further with customers.

Predictive equipment maintenance

IoT is being used to monitor energy consumption, predict equipment failure, and to detect any other issues or anomalies. Many retail stores consist of complex equipment such as refrigeration units. With the help of sensors, businesses can predict any potential maintenance issues. To name just one example, a supermarket can leverage connected sensors to monitor fluctuations in temperature to ensure optimum food safety.

Beacons

These are small wireless sensors that can be attached anywhere, with many retailers beginning to use these to their advantage. Using a Bluetooth connection, beacons automatically send push notifications to the smartphones of shoppers’ when they appear in a coverage area.

Shoppers can be notified with a greeting, discounts, and offers in real-time, enticing them to enter your brick-and-mortar store and make a purchase.

Retailers are also using these beacons for customer in-store navigation. They can collect extremely powerful data regarding customer behaviour. This may include information regarding the customers most preferred routes, products, and stores in a shopping mall.

This technology represents a fantastic opportunity for retailers to provide more personalised offers to customers. Just as Amazon provides its customers with recommendations based previous purchasing history, brick-and-mortar retailers now have the opportunity to offer this to customers.

While the retail industry seems to be flagging of recent, all is not lost. Rather, old and weakening processes must be updated. Using innovative technologies, brick-and-mortar stores can focus on providing customers with new and exciting experiences that match the convenience of e-commerce websites.

The traditional business model is changing, and brands must innovate in order to survive the retail apocalypse…

This article has been produced by Paratus People Limited. A total talent services business operating throughout the world in Broadcast Technology and IoT.

References

(1) https://www.bbc.com/news/business-44197128

(2) http://www.oliverwyman.com/content/dam/oliver-wyman/v2/publications/2018/april/Retails-Revolution-onscreen-version.pdf

(3) https://www.gminsights.com/industry-analysis/iot-internet-of-things-retail-market

Tom WHITE

Bristol, England, United Kingdom 21K followers 500+ connections

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