Using Technology to Enhance the In-Store

Experience

It is widely perceived that online commerce, with its

advanced technology and tracking mechanisms...

..has put physical retail outlets on the backfoot.

Automation, Artificial Intelligence, Virtual Reality and other

technology enablers have provided e-tailers the edge.

Physical Store-fronts are keen to use the same

technology to level the playing field!

A June 2016 survey found that “technology can help retailers reach

more consumers, as well as better inform in-store employees.”

When customers shop online, they leave a lot of

information including their shopping preferences,

product purchase frequency, product preferences, etc.

This information is hashed, anonymized and

stored on the cloud.

Analytics helps drive incremental sales by providing

customers relevant options such as “a customer who

purchased this also purchased..”, etc.

When store employees are knowledgeable about

customers and better equipped with the latter’s needs..

..the employees are better equipped to help

customers and thereby increase sales.

Beacons are a great example of how technology is

being leveraged to enhance in-store experience.

Bluetooth beacons are small electronic devices that emit

radio signals. Customers using smartphones can interact

with the store..

Bluetooth provides proximity awareness to retailers to

help them interact and engage with customers at a time

when they are located near their store..

Retailers are using various technology-enabled

mechanisms to better serve customers. These include:

A. Dynamic Pricing

51% retailers that responded

to a survey by Forbes (in

cooperation with E&Y) say

that “customers will

appreciate the efficiency and

visibility of real-time pricing

B. Personalized Interactions

C. Inventory Management

Per the Forbes Insights survey, as

many as 94% retailers believe that

in-store technologies help them

with inventory management at the

store level. 79% retailers attribute

their lower out-of-stock situations

to the in-store digital technologies.

About ICFAI Flexible Learning ProgramsICFAI Flexible Learning Programs are designed primarily for Working Professionals to pursue their

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Website: www.flexible.icfaiuniversity.in