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

RELEASE DATE
19-Mar-2018
REGION
Asia Pacific
Research Code: P9F3-01-00-00-00
SKU: IT03629-GL-MR_21687

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IT03629-GL-MR_21687

$3,000.00

$2,250.00 save 25 %

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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

Related Research
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 busi
More Information
No Index No
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