But the Internet of Retail is way ahead of the game in their IoT investment. According to eMarketer, IoT is going to “drastically change the way companies do business” in the next three years. So what does “drastic” look like?
1. For starters, here’s a fitting room with the new, interactive Oak Mirror:
Video credit : ReadWrite
2. Then there’s the store layout. Instead of cash registers, employees can walk around with iPads, sit down at tables to answer questions, and provide a more personal customer service.
3. What about the decor? Think of the billions of dollars in online ad sales. Now apply that to signage in stores. Just like banner ads, IoT essentially allows retailers to place targeted, relevant messages around their stores that are based on a customer’s unique browsing history (both online and down the aisle). These are prime opportunities for cross-selling and upselling.
4. And the shelves. Supply chain management is complex to say the least. There are a million steps involved in the ordering, producing, distributing, and shelving of products. What if there was a way to automate some of these steps by connecting the actual shelf to the ordering system? Enter IoT.
5. Retailers are constantly looking for ways to reach customers outside of their stores, even after purchases. Being able to quickly act on customer feedback creates personal and loyal relationships with customers and likely brings them back to the store. Here’s a quick way this mom-and-pop store was able to fix a mistake and win back a customer through Square, their connected point-of-sale solution:
So, we say “yes” to more energy bars. And to connected in-store promotions. And also the Internet of Elephants.
Want to talk retail and IoT? We’d love to brainstorm with you.