Evolving Smart Retail Through In-store Analytics

Evolving Smart Retail Through In-store Analytics

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.

  • Executive Summary
    • Key Findings
  • The Transforming Retail Landscape
    • State of Retail
    • 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
    • What is Smart Retail?
    • Future of Retail
    • Key Takeaway
  • Data-First Concept in Smart Retail
    • Awareness and Immersion
    • Creating a "Data Fabric" for Smart Retail
    • Dimensions of Data
    • Delivering Data-First Outcomes for Retail
    • Case Studies Showcasing Data-first Outcomes
    • Data Feedback Loop
    • Data Outputs and Value to Retailers
    • Key Takeaway
  • Introduction to the Internet of Things (IoT), the Key Enabler of Smart Retail
    • Defining the Internet of Things (IoT)
    • Convergence Enablers
    • IoT Enables Smart Retail
    • Key Takeaway
  • In-store Analytics Enables Data-driven Decisions Gathering Data through In-store Analytics Technology Solutions
    • 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
    • Technology Parameters-Definition
    • Comparison of Technology Solutions for Smart Retail
  • Illustration of Technology Solutions
    • Video
    • Bluetooth Low Energy (BLE)-Beacons
    • Wi-Fi-Location Analytics
    • Visible Light Communication (VLC)
    • Radio-Frequency Identification-RFID
    • Point of Sales (POS) Terminal
  • Profiles of Leading Vendors
    • Retail Next
    • Qualcomm-Proximity Beacon
    • Cisco Meraki
    • Philips Lighting
    • Zebra
    • NEC
  • Retail Case Studies
    • Hypermart Retail Store Case Study
    • Luxury Retail Store Case Study
    • Supermarket Case Study
  • Growth Opportunities
    • Growth Opportunity in Physical Retail Space
    • Strategic Imperatives for Retailers
  • Conclusion
    • Conclusion and Summary

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