Show products in category Retailers predict IoT will transform stores

Retailers predict IoT will transform stores

30 March 2017

A recent survey of 1,700 retailers around the world revealed that they expect in-store connectivity through the Internet of Things to revolutionise retail by 2021... 
 
According to recent international research, nearly 70% of retail decision makers are ready to make changes to adopt the Internet of Things (IoT). And 65% plan to invest in automation technologies for inventory management and planogram – the visual representations of a store’s products - compliance by 2021.

Zebra Technologies Corporation revealed the results in its 2017 Retail Vision Study, which analysed the technology trends shaping the future of the global retail industry and enhancing the shopping experience. And it revealed a vision of the retail future which very much tallies with our own outlook at Aurora Lighting.

Key Findings

Nearly 1,700 retail decision makers from the US, Latin America, Asia Pacific, Europe and the Middle East across a wide spectrum of retail segments, including speciality stores, department stores, apparel merchants, supermarkets, electronics, home improvement and drugstore chains were interviewed in 2016 by online research partners Research Now and Qualtrics.

Among its key findings, in 2021, 92% of retailers expect to offer click and collect, up from the 50% who offer it today. From the EMEA, respondents ranked out-of-stock merchandise (53%), the same product being available for less at another store (46%) and the desired item not being found (40%) as the top sources of consumer dissatisfaction. Accordingly, retailers plan to reinvent their supply chain with real-time visibility enabled by automation, sensors and analytics.

Currently, 36% of retailers know when specific customers are in a store but that number is expected to more than double by 2021, when nearly 80% of retailers expect to be able to customise the store visit for customers, as they will know when a specific customer is in the store. This will be enabled through technology such as micro-locationing, allowing retailers to capture more data, accuracy and customer insights.

Value Beyond Illumination™

Here at Aurora Lighting, we believe that lighting should be the backbone to this hyper-personalisation of the shopping experience. With the Gooee enterprise system at the heart of our solutions, we call it Value Beyond Illumination.

It’s all part of meeting retailers’ desire to create a seamless shopper experience, with 78% reporting that it is important or business-critical to integrate e-commerce and in-store experiences.

To speed up checkout lines, retailers are planning to invest in mobile self-scanning devices, kiosks and tablets to increase payment options; 87% of retailers will deploy mobile point-of-sale devices by 2021, enabling them to scan and accept credit or debit payments anywhere in the store.

Meanwhile, 73% of retailers rate managing big data as important or business-critical to their operations. By 2021, at least 75% of retailers anticipate investing in predictive and software analytics for loss prevention and price optimisation along with cameras and video analytics for operational purposes and improving the overall customer experience.

“Every inch of the retail industry is changing, from the aisles of the warehouse to the shelves of the store and retailers are driving this change in a race to better serve customers. Retailers are poised with new levels of personalisation, speed and convenience.”

- Mark Thomson, retail and hospitality director, EMEA, Zebra