Digital transformation in the retail industry isn’t the new concept now because retailers are already doing so many experiments with connected & intelligent devices to offer the latest services to customers. They reguarly try to create a advanced digital ecosystem to enter new markets and reshape the business trends.
One of the best digital transformation technologies is IoT (Internet of Things) that offers retailers an opportunity, mainly in three areas: the supply chain, customer experience, and new channels and revenue streams.
Role of IoT in Retail Digital Transformation
IoT has two roles in retail transformation. It is working for customer benefits, and another, it focuses on offering you operational benefits.
What benefits customers can attain from the retail transformation:
1. Contactless Checkout
The most remarkable transformation in the retail industry is contactless checkout that aims to provide a user-friendly shopping experience to your customers. When they visit your online retail stores, it lets your customers avoid queues and kiosks by converting their smartphones into a POS. There is no need to download the mobile app even. It offers an advantage of contactless payments with a full-self service experience.
“COVID has increased the need for autonomous checkout and skyrocketed the technology solutions after having the demand from retailers. There are lot of retail technology service providers have this chance to figure out the need and launch according to the retailer and customers needs. Caper is one of the example, according to a news published at zdnet.
What to like is about the autonomous checkout that allows people to scan the product automatically, meaning customers have no need to do physical scanning of objects from any expert.
Also Read : POS Testing
2. Smart Mirrors
The reason for transformation in the retail industry can be Smart Mirrors, also known as Magic Mirrors. It may be used in the bathrooms of high-end hotel rooms. The presence of a television remote control often gives surprise to guests. When the power button is pressed, a tiny television screen appears “magically” inside the mirror. This form of solution eventually can be found in retail, where it allows simple ads to be shown on mirrors to impress the shoppers.
For example, to help shoppers dress virtually, there are intelligent augmented reality softwares in market that allows customers to check how they are looking without going into a dressing room. Customers can try as many clothes virtually to examine their looks before making a purchase from retailers.
3. Barcode Scanning
It is possible for customers to scan a barcode on a garment to know its information. They can also check different sizes or colors on retailers’ eCommerce sites to improve their personal experience.
Apart from that, customers can use wearable devices or their smartphones to check the product’s reviews, or read comments about products on social media, and scan much more information about the item.
4. Digital Coupons
The major IoT role in retail transformation is to give customers’ seamless shopping experience by hook or crook. With an IoT- based system, customers can easily access personalized digital coupons after entering the store. It helps them save more according to the actual price of items.
Every day, retailers add coupons and give discount options to customers according to their marketing strategy because it helps them increase customer loyalty and provides retailers a way to make a boost in their sales conversion rates.
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