In the current scenario, the retail industry can be considered as one of the leading industrial segments which plays a crucial role in strengthening the pillar of the global economy. It is also the idle platform for utilizing the recent technologies, hence it is a suitable site for Virtual and Augmented Realities to display their value.
To achieve better customer experience
It is crucial for a retailer to provide compelling Customer experience for higher customer retention and revenue growth. To assure greater success, retailers are implementing advanced tools and marketing techniques, reaching out to potential consumers and retaining their customer’s interest. A recent report by the Internet Research Company states that nearly 68% of the shoppers change their purchase decision based on in-store messaging and 30% of the shoppers make unplanned purchases on the basis of Point Of Purchase displays. Implementation of analytics in buying history, consumer behaviors and the number of store visits can be used to send feedback and high-touch services to the customers.
Having better operational efficiency
IoT has the ability to change the retail supply chain and when empowered with Data visualization techniques, can provide real-time visibility to inventory. Stock-outs are one of the serious issues for retailers. RFID tags help retailers to deliver information about the stock items on smart shelves, raising an alert to replenish when product count is low. RFID tracking has the potential to enhance inventory intelligence and precision to 95% and decrease the stock-outs by 50%. Many organizations have started tagging their clothing range with RFID tags and emitters. For instance, Tesco successfully reduced the number of stock-outs by 95%, and shortened stock-checking times by 7% with the application of IoT across their supply chain. This has not only improved the inventory accuracy but also reduced the inventory shrinkage by 55%.
Implementation of Analytics across Point of sale on top of real-time inventory intelligence helps an organization to identify their underperforming and overstocked stock keeping units i.e SKU in advance, reducing spoilage and cutting down the extra cost for a retailer.
Retailers urge to combine their fulfillment and delivery methods to provide a consistent shopping experience to their customers on all channels. In order to provide an omnichannel experience to the customers, retailers should have 100% transparency throughout the entire supply chain process and by securely connecting multiple touchpoints across online (web, mobile, smartwatch, etc.) and offline (store) presences.