Evolving Smart Retail Through In-store Analytics
Evolving Smart Retail Through In-store Analytics
Improve Customer Experience with a Data-first Mindset Using In-store Analytics Technology Solutions
19-Mar-2018
Asia Pacific
Description
Physical retail stores are suffering because of e-commerce and the economics of last-mile logistics. In spite of this, these stores remain the most important touch point for customers. The future of retail involves influencing customers through interactive experiences. Bringing digital content into the retail store and creating stronger interactive customer experience is becoming a reality. To meet the needs of the changing customer, retailers need to also adopt technology to enhance their in-store customer experience. Future retail needs to integrate aspects of both physical store and e-commerce (“bricks and clicks”) formats by leveraging technology to give customers the best shopping experience. With the convergence of various smart technologies, virtualizing of physical objects, giving them an identity, connecting them, and interacting with them to capture data have all been made possible in today’s retail scene.
Online and offline retail experience will be driven by the use of smart technologies. In-store analytic solutions can use a variety of sensors (like Wi-Fi, video, and Bluetooth beacons) to track movements and measure the impact that changes to a store, such as in layout or product assortment, have on customer behavior. The solution will bring the power of online tracking to the physical retail world, including quantifying the success of physical marketing campaigns and understanding the product mix to offer in stores. It will also bring greater convenience to shoppers with the “grab and go” service trending in today’s retail landscape. It is important for retailers to evaluate and consider the various technology options available in the market to overcome some of the dynamics in the environment to ensure a compelling feature design and sustainable business model. As not all sensors are created equal, the selection of the right sensor depends on the type of data output and human factors which will impact the overall profitability/ efficiency of the business. Different sensor technologies provide stores with differing levels of data granularity. Using a combination of data provides data awareness both inside and outside the store. Retailers need to have the data-first mindset where the data collected needs to cycle back to gathering data again to validate the process change. Implementing digital awareness and digital immersion in the physical store provides retailers with business insights. In-store sensors, together with analytics, bring the power of consumer tracking in the physical retail realm. It employs the use of various sensors that enables retailers to make data-driven decisions. Data on different types of customer profiles provide retailers with the insights to make strategic and intelligent business decisions that enable them to convert convenient visitors into committed buyers.
Table of Contents
Key Findings
State of Retail
State of Retail (continued)
Impact of Selected Mega Trends on Retail and Consumers
Need to Move Away from Traditional Ideas of Retail
Drivers for the Shift to Smart Retail
Drivers for the Shift to Smart Retail (continued)
What is Smart Retail?
Future of Retail
Key Takeaway
Awareness and Immersion
Creating a “Data Fabric” for Smart Retail
Dimensions of Data
Delivering Data-First Outcomes for Retail
Delivering Data-First Outcomes for Retail (continued)
Case Studies Showcasing Data-first Outcomes
Data Feedback Loop
Data Outputs and Value to Retailers
Key Takeaway
Defining the Internet of Things (IoT)
Convergence Enablers
IoT Enables Smart Retail
Key Takeaway
In-store Analytics Enables Data-driven Decisions
Granularity of Data
Data Collection Strategy
Established Universe of Retail Solutions
In-Store Technology Solutions
Technology Solutions—Characteristics
Factors for Consideration
Factors for Consideration (continued)
Technology Parameters—Definition
Comparison of Technology Solutions for Smart Retail
Video
Bluetooth Low Energy (BLE)—Beacons
Wi-Fi—Location Analytics
Visible Light Communication (VLC)
Radio-Frequency Identification—RFID
Point of Sales (POS) Terminal
Retail Next
Qualcomm—Proximity Beacon
Cisco Meraki
Philips Lighting
Zebra
NEC
Hypermart Retail Store Case Study
Luxury Retail Store Case Study
Supermarket Case Study
Growth Opportunity in Physical Retail Space
Strategic Imperatives for Retailers
Conclusion and Summary
Legal Disclaimer
The Frost & Sullivan Story
Value Proposition—Future of Your Company & Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
Our Blue Ocean Strategy
Popular Topics
No Index | No |
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Podcast | No |
Author | Chijun Ang |
Industries | Information Technology |
WIP Number | P9F3-01-00-00-00 |
Is Prebook | No |
GPS Codes | 9702-C1,9705-C1,9AA5-C1,9B07-C1 |