July 8, 2020
Modern technologies play an important role in the development of the retail industry, so it is not wrong to say: The retail industry is undergoing a great revolution to create a new future called retail 4.0. And the following are some of the technologies applied to the retail industry.
In today’s digital world, data is money. Data is collected at anytime, anywhere. With a large data source, retailers can analyze and find strategies to reach consumers’ needs to accurately improve business efficiency. Retail giants such as Target, have relied on analytics data on the need to use baby shower products to launch promotions for children to specific customers in a timely manner based on their pregnancy stages.
The IoT platform is one of the main contributors to the development of retail 4.0. The IoT platform helps create a new interactive environment. The retail industry has realized the potential of IoT, which explains why 70% of retail decision-makers around the world want to adopt IoT to provide a better experience for consumers.
IoT is creating smart retail stores, connected with RFID tags that help store management in real-time. Similarly, IoT sensors can be used to track inventory levels of stores, warehouses, and at checkout. Moreover, retail stores can deploy beacons to alert customers about promotions and discounts when they are near some products. Retailers can also install smart shelves that scan the product’s RFID tags and measure their weight to track product availability.
The transparent business approach is one of the top priorities of retail 4.0. Cloud computing allows sharing important data and documents on many different channels whenever needed. Due to its online nature, cloud computing proves to be more secure than traditional methods. Technology companies are constantly improving cloud computing to make technology faster and safer than ever.
Currently, robots are also interested in businesses, especially commercial centers, customer service, customer satisfaction, brand image enhancement, labor-saving and efficiency, and uptime.
The in-store customer service robot guides customers through the different parts of the store and helps them find the products they need. Customers can ask questions or enter them using touch screens and robots that solve queries or guide customers about their products. In this way, customer service robots have great potential to develop marketing and tracking strategies, analyzing customer behavior and needs.
Although AR technology is still a relatively new technology, industrialists are investing in the research and development of its innovative use cases. Currently, AR technology is used for many functions such as selecting warehouse parts and sending repair instructions with mobile applications.
Although the 4.0 retail model is the future of the retail industry. However, choosing which technology to apply to your store requires a roadmap, and requires the participation of experienced professionals. Experts will help plan infrastructure budgeting strategies. Update and select suitable new technologies to apply in real conditions. Train employees on all the technologies being implemented and their influence on the work culture.
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