It’s that time of the year when predictions for the months ahead are made, and people reflect on 2017. When it comes to the Internet of Things (IoT) in retail, we at Grassfish are confident we’re riding the crest of a wave.
The major analyst groups all see IoT gaining significant traction in the enterprise environment in the 12 months ahead, with Forrester Research going as far as saying that it will soon become the backbone of future customer value – which illustrates the massive potential it has for retailers.
Towards the back end of last year Forrester released research that placed IoT at the top of its Top 10 Tech Trends for 2018 to 2020 list, in terms of how it will transform the general business environment during that time. In retail, this transformation could come in many guises.
My store is smarter than your store
The most transformative result of IoT in retail will come in the creation of the smart store – where retailers’ physical space works a lot harder for both the wider organisation and, most importantly, the consumer.
US-based intelligence group RSR Research has followed the rise of IoT in retail closely over the years, and the company’s managing partner Brian Kilcourse argues that the three key objectives for retailers using this technology are to improve inventory visibility and accuracy, to support better interaction with digitally-enabled consumers in the physical store, and to ensure the shop is more effective for visitors.
We agree. The more connected devices there are in store, the better opportunity staff have to access accurate product and corporate information on any device as and when they need it. And with the right data flowing through the right channels, retailers can serve shoppers how they wish to be served via content made accessible on mobile tablets.
Connected systems – including analytics tools, queuing and booking systems, Wi-Fi service providers and ERP/CRM data tools – also allow retailers to activate digital screen promotions based on who is in the store at a specific time, which clearly paves the way for presenting relevant and personalised content that resonates. Better-informed store colleagues can quickly offer accurate service based on real-time stock levels, too.
IoT in stores today
The reason we think we’re ahead of the game at Grassfish is that we’ve got a solution that’s already in operation and helping retailers make the connected store a reality. We’re confident more and more businesses are going to realise its benefits in 2018.
It is our aim to make it easier for retailers to build intelligent, responsive environments that maximise customer engagement and value, by offering them this technology that can connect all store and customer touchpoints, while simultaneously providing real-time insights that can help influence the shopper journey.
IoT is set to make a greater show of itself in the retail arena in 2018, but Grassfish’s Xperience Hub technology is already helping retailers run smart, IoT-enabled stores – the type of flagship shops that so many in the industry still think is something for the future.
Smarter, faster, more connected – the future store is already here thanks to our commitment to IoT in retail.