Retail in the U.S. is growing, with total sales projected to hit $5.48 trillion dollars by 2020. The same Statista report showed that this amount had grown from $4.35 trillion in 2012. However, retail stores could actually be impeding their growth.
Although the retail industry is growing profit-wise, not all retail stores have started to use IoT technologies. We have seen this resistance to upgrade tech in the past with the manufacturing industry.
IoT is essentially how we can connect technology and tasks in the physical world to expedite them. Which can help with decreasing labor costs, inefficiencies, and human error.
There are many speculations with where the retail industry could be going with the implementation of IoT technology. But one thing’s for certain: these integrations have the potential to help retail stores grow their profits and boost their customer’s satisfaction.
As a writer for an eCommerce web design agency, I decided to look at retail stores and see how they can integrate IoT to help benefit their businesses. Here are three potential ways that retail stores can use IoT strategies.
Beacons
Beacons are another way that retailers can improve their customer’s experience. Beacons are a way that you can market to your clientele based on proximity. After Apple introduced their iBeacons, beacons grew in popularity in retail.
Since their release, beacons’ path has been shaky. Some retailers have not used them in the most effective way possible. If they are used in a way that does not feel spam-esque, then they can be effective in contacting your consumer.
Beacons send off low-energy signals, that are picked up by nearby smartphones (typically through Bluetooth technology). Based on location, nearby stores can send consumers coupons, their inventory, or new product releases.
In your retail store, you can use beacons to spoon-feed your customers advertisements and incentives to shop with your store. Beacons can be a way that you choose to market to your customers and revamp your marketing strategy. Retail moguls like Macy’s have even implemented beacons in their stores.
You can also use QR codes as a way to bring in your user. And to provide a way that they can opt-in to receiving your coupons and notifications.
Which can lead to an enhanced shopping experience for your user, and higher profits for you.
By Making Your Shopping Experience “Smarter”
As a retailer, if you are a brick-and-mortar store, you also have the potential to improve the shopping experience you are giving your customer by making it “smarter.” Meaning, you should integrate IoT features into your shopping process like the checkout, the fitting rooms, or the store floor.
We can see this being implemented through “smart mirrors.” For example, we can see these technologically advanced mirrors in Rebecca Minkoff’s ‘connected stores.’ These mirrors double as touch screens, allowing customers to search and sift through products.
These mirrors recognize these products through RFID technology, and can even allow customers to request other sizes in the items they are trying on.
These mirrors provide one example of how IoT technology can save a customer time and energy. Or for a retailer, save them valuable company time (running down new sizes or explaining what’s in their inventory).
By making the retail process “smarter,” retailers can improve the customer experience and stay competitive in this industry.
Expedite Your Checkout Process
Along with making your shopping experience ‘smarter,’ you can also enhance your checkout process with IoT technologies. Your business should be making checkout a breeze for your consumers.
And for this, we can turn to one of the eCommerce giants. Amazon is a prime example (pun definitely intended) of how you can make fulfillment and the ordering process painless for your consumer.
Recently, Amazon released their new “dash buttons.” With this small device that is connected to Wifi, a user can renew their order of a product with a click of their dash button. Although you must be a Prime member, a customer can press this button and their order will be fulfilled.
Amazon is one of the best when it comes to quick and easy order fulfillment. When it comes to implementing this in your retail store, you should be thinking of ways that you can make your checkout speedy for your customer. Amazon just shows you one way that you can integrate these IoT strategies.
You Can Teach An Old Dog New Tricks
If you’re a member of the retail industry and have been resistant to change, take this as your sign to take the plunge and revamp your tech. With IoT integrations, you can enhance the experience you are providing your customer and make your business more competitive in this tech landscape.
If you’re concerned about taking on this feat alone, you should get in contact with a software development agency. They can help you take on your tech facelift and provide you with valuable advice on how you can stay competitive in this growing industry.
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