The emergence of smart technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) is changing the retail landscape. This technology allows for smooth immersion and quick access to personalized settings. Retail success is no longer supported by best-selling stationery stores. Integrating retail stores into digital experiences is more important than ever.
Brick and mortar stores have to work hard to compete with each other and with online purchases. One way to do this is to use technology to create a great in-store experience.
This technology can be used in a number of ways: for experimental purposes, to address mobile users, to increase customer convenience, or to promote a retailer presence online.
IoT trends and Statistics in Retail Store
Here are the most innovative examples of in-store technology from the past few years.
Beacons are devices that communicate with shoppers’ smartphones to enhance the in-store shopping experience. In stores, beacons use Bluetooth technology to detect nearby smartphones and send them media such as advertisements, coupons, or additional product information.
Sending smart ads to customers is an innovative way to increase your conversion rate. Additionally, the data that you can collect using beacon technology is invaluable in targeting your advertisements.
The Smart Mirror is strategically located in a shopping center. Consumers can contact them and find what they want to buy at their favorite store. They can choose the size, perform virtual try on, and, if they want, pay securely on the spot for the items displayed on the screen. This can help attract foot traffic to your store and provide you with additional opportunities to interact with customers.
Smart mirrors can help eliminate some of the time-consuming activities. Smart mirrors allow consumers to try on as many clothes as they want without needing installation space. These mirrors can also be used to promote offers, discounts, and even the sale of products.
With smart shelves, retailers can make more informed warehouse and inventory decisions, inform backend systems about the number of items on the shelf, alert when products are low or when theft is detected, and when items are misplaced. It also helps customers identify product popularity by-product feedback.
Most of the Augmented Reality options provide additional information and customization that not only visualize the product but also help customers make sure they like it. This technology achieves engagement and interactivity goals for customers, provides them with a memorable experience, pleasant goodbye sales, and increases the chances of returning customers.
Radio Frequency Identification or RFID is a new tracking technology that contains small markers that transmit different signals. Retailers can use remote scanners to read the RFID tags affixed to individual products, logging a variety of information, including the number of different items and their precise location.
RFID can turn store inventory accuracy down to over 98% and close to warehouse accuracy. The typical inventory process at retail is very manual, time-consuming and only carried out at fixed intervals.
Robot technology no longer sounds like science fiction in today’s digital world. Most companies around the world use robots in their warehouses to fulfill orders. Retail stores now have robots to enhance user experience. In the Amazon store in the USA, giant beetle-like robots move around a lot with neat vertical shelves.
Digital Signage is also based on IoT technology but uses them to provide customers with customized Ads. In most modern installations, digital signs can even identify the gender and age of passers-by and use this data to decide which advertisements to place. Digital signs can respond to external factors and quickly to changing factors, which makes them intuitive and precise.
No Check Out
IoT could help create a system that reads product labels when customers leave the store. The system can then review the item and automatically deduct costs from the mobile app to paying customers. This will make the customer happy and they will be more willing to visit the store again. It will also help merchants save money from being paid to cashiers.
With built-in scanning technology, customers can predict the appearance of furniture such as tables or chairs in their homes. In short, the customer can literally “try” an item before buying it.