Smart retail is the next step of retail, where the usual shopping methods evolve to an environment where IoT (what is IoT) technologies help customers in the process of purchasing goods and services.
Through smart retail, consumers can have a better experience obtaining their products, and there can be more customization in the information they receive in their smartphones, such as offers, benefits, discounts, repurchases, among others.
What are the benefits of smart retail?
IoT retail brings a lot of benefits for retailers. Many companies are testing new features with new developments (see some prototype examples). Thanks to the advance of new technologies, businesses can improve their sales with ease:
- Better user experience
- Time optimization
- Supply chain improvement
- Better management of complaints
- Price optimization
- Demand prediction
- Loyalty programs
Demand prediction? Is this true? Yes, thanks to the use of AI and machine learning, retailers that are using IoT technologies can predict when a product will increase its demand. This is possible due to the growing adoption of new IoT devices, which allow to collect and process information.
By crossing purchasing information with consumer behavior, IoT retail companies can figure out when a consumer will need a specific product or service, and they can offer customized promotions for them.
It is a little scary, but this is a way IoT smart retail is evolving. And being honest, who wouldn’t want a customized experience when it is time to buy new products?
Nowadays, it is necessary to have loyal customers. Smart retailers can take advantage of IoT devices to send a customized SMS text message when their customers are near to any of the stores, and thus, foster new sales.
Through loyalty programs, retailers that are using IoT can offer exclusive discounts to customers that are used to buying products online, or for instance, by using their mobile app.
Complaints have been a big obstacle for many retail stores, sometimes the process is not well structured, and there can be a big impact on how the customers perceive the brand.
However, thanks to IoT smart retail, the business process of selling products can be better monitored, and retailers can have a better understanding of which customer has any specific product, and make decisions faster regarding complaints for malfunctioning, or any other objection to keeping the product.
How is the smart retail market projected?
According to PR newswire, the smart retail market is expected to reach $91.36 Billion by 2030. There are big retailer companies like Walmart, Amazon, Costco, and eBay in the US, and Schwarz Group, Aldi, and Alibaba in other countries. Though these companies have a big share of the market, it doesn’t mean there aren’t opportunities for new smart retailers that want to integrate IoT technology into their operative processes.
How to create new opportunities in smart retail?
It is necessary to analyze the retail market and develop new devices. If you hire IoT product design and development consultants like DeepSea Developments, you can start developing your new IoT smart products for the retail market.
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