As retail technology accelerates, will you be a leader — or a laggard?
The retail industry is undergoing a major facelift — smart devices, Wi-Fi, the internet of things (IoT) and other cutting-edge technologies are radically changing the retail landscape. Armed with new connected devices and applications, a savvy breed of shoppers is disrupting traditional retail business models.
Disruption is nothing new for retail. It’s been through disruptive processes for decades. At first, family-owned shops were displaced by nationwide chain stores that delivered a consistent selection of merchandise. Then came the suburban mall with big-box retailers offering convenience and variety in one location. Finally, with the advent of the internet, convenience and availability surged to an even higher degree, allowing consumers to shop anytime, anywhere.
Meeting the needs of the connected shopper means rethinking your retail strategy to include features such as aisle kiosks, self-checkout registers and digital signage.
While the internet has impacted store sales, it has not replaced the store. According to A.T. Kearney, over 90 percent of transactions still take place in the physical store. But today’s connected shoppers move seamlessly between the physical and digital worlds — online, mobile and store. These shoppers want retailers to recognize them in any channel and give them a customized experience however they shop. After years of choosing the speed and selection offered by big-box retailers such as The Home Depot® or online merchants like Amazon®, consumers are demanding higher engagement if they’re going to buy something in a store.
Meeting the needs of the connected shopper means rethinking your retail IT strategy to include features such as aisle kiosks, self-checkout registers and digital signage. Get ready to enter the store of the future.