Internet of Things (IoT) is one of today’s most demanding technologies. Its whats completely transforming our lives with ‘interconnected digital devices’ which we use even when we run basic household errands. According to IHS, the digital devices markets are expected to grow from 15 billion devices in 2015 to more than 75 billion in 2025.
The customer’s journey
Everything is being digitised, from how we make payments, search for products, our shopping, to the ways we build relationships (especially with brands), the way we provide feedback, and how we find new sources for our future purchases. Consumers of today are more informed, and their purchases have become an entire new experience–And IoT is what enables this.
Retail stores are evolving into smart stores. Its how they obtain data about their customers needs, habits, and tastes—in real time. By being better predictors of their customers’ behavior, they are able to provide a more consistent and personalised experience for their customers. By combining big data sources, they are able to understand their customers in more detail, and use this knowledge to enhance the customers’ journey, satisfaction, and in turn, drive up revenue.
A Real Life example —Travis Perkins
One of Mitra Innovation’s largest retail clients, Travis Perkins, is the UK’s largest builders’ merchants, supplying more than 23000 quality trade products with free delivery, or Click and Collect in 1 hour. This “Largest DIY player in the UK” is a great example of how retail giants explore how IoT can help their business operations.
In 2016, Travis Perkins reviewed its business strategy, with the aim to find new ways to make the most of their organisation’s unique breadth and size. Having been so acquisitive over the years, Travis Perkins was in an excellent position to exploit their organisation’s scale to improve efficiency and enhance its customer offering. Travis Perkins realised that to be able to fully capitalise on its unique position, and to realise its strategy, they needed to ensure that their systems were fit for purpose. They made the decision to invest in a new enterprise software solution that would help to deliver efficiency to the business and its customers, reduce IT expenses, and provide the company with real-time data and reports.
Travis Perkins needed a Middleware Expert that could integrate its many co-dependent platforms—And Mitra Innovation became their ideal partner for the integration, based on the team’s skillset, innovative outlook, and honest approach.
Click here to read the Case Study on how Mitra Innovation’s team took the responsibility for integration analysis, as well as designing and implementing a scalable WSO2 Solution—that would evolve in line with the company—enabling them to build better customer relationships, and improve employee productivity.
Enhancing the customers’ perception of Brand -with IoT
Smart retail stores are increasingly utilising what’s called micro-location, i.e the use of sensors within the store to identify customers in order to access their shopping habits (through the cloud), and offer them a discount for a particular product–in real time. This is a powerful method to engage customers and elevate their overall shopping experiences. This marketing technique can also enhance your target customers’ perception of your brand as they relate to what is important to them.
Shelf sensors, predictive maintenance equipment, and heat mapping
Other innovative technologies that smart retail stores utilise include: Shelf sensors, predictive maintenance equipment, and heat mapping. Shelf sensors keep track of store inventory levels and alert store personnel when inventory is low; ensuring a more favorable shopping experience. Predictive maintenance works in the same way in order to fix store equipment by signaling the maintenance team ahead of time when servicing is due, thus saving on additional work and expenses. Heat mapping is the usage of visual sensors to trace shopping habits of customers, such as shopping times, and areas of the store customers most frequently visit etc.
Smart stores utilise such innovative concepts to understand what their customers needs are. It’s what enables them to build meaningful relationships and optimise the overall shopping experience. —A smart store knows how to interact with the customer socially.
Today’s customers want personalisation, they want information, and they want socialisation. Ultimately, they want a better shopping experience. The technologies that smart stores posses makes it easier for them to provide this experience for their customers–And IoT is the perfect solution to handle this monumental shift in customer behaviour.
To stay competitive, you must evolve, and we know this firsthand. We work with organisations of all sizes, in a variety of industries who seek faster insights from their data, while maximising its value to drive growth and innovation.
To learn how Mitra Innovation experts can help you thrive, call us at 0203 908 1977 or email us at firstname.lastname@example.org We look forward to our conversation.