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The rising demand for convenience (because anything is possible these days), product availability, personalized and contextualized interactions have driven retailers to adopt a variety of strategies and technologies in this digital age.
Knowledge is the power they say, so when devices and sensors can collect, present and use real-time information in efficient ways, retailers stand to gain in insights and also in profits. These are some of the main ways the retail scene is benefitting:
– driving customer loyalty and revenue
– reinforce branding
– cross and up-sell
– real-time product promotion
– improving customer service ratings
– boost in-store stock turns
– better supply chain replenishment efficiencies
– the lower total cost of ownership
– improve business continuity
Unlike other sectors, retail has direct contact with one of the largest populations of potential consumers that really embrace technology and innovation. So while this ensures that traditional industry boundaries are being broken down, customers are actually these individuals with interests that take interaction across industry verticals.
At the heart of this transformation, IoT connects people, machines, items, and services to regulate the information flow, enable real-time decisions to be made, and overall elevates the consumers’ experiences. With investment in areas like inventory management and real-time promotion of sales, we will see the loyalty of the next-generation consumer being earned and the capitalization of emerging business opportunities…