The science of secular retail is nothing but the process of mediating between the purchase of many units of a particular product directly from manufacturers (industries) and the sale of a few units of many different products to final consumers.
In the last few years and after the sharp acceleration caused by the COVID-19 pandemic, retail has been radically transformed by the internetand it has become more and more available and driven by the features of online environments. The arrival of 5G, now in 2022, brings even more expectations. How can the emergence of this new technology further improve retailing?
It’s impossible not to resort to the IoT when it comes to connectivity. (internet of things or internet of thingsIt is a network of physical objects connected to sensors and information technology systems, all capable of interacting and exchanging data with other connected devices over the internet.
Although these devices work perfectly with existing existing networks, in the future The evolution of technology towards 5G will enable massive expansion and consolidation of IoTcreating a new world where all the objects that need to be connected will be connected to each other.
How important is this transformation for the future of retail?
The industry is always trying to offer the consumer experiences in a physical or digital way, by creating interaction from interactions with the products and services sold.
Now, in the era of digital and ‘phygital’ processes (a hybrid of physical and digital), a lot of automation and efficiency becomes more and more necessary to achieve superior results with customers.
IoT, on the other hand, is unrivaled in this regard, and as a new innovative tool, it can provide retailers with many advantages and support with the solutions it will bring. improved efficiency and productivity, such as:
- more efficient production chain control processes;
- integrated inventory control with available data in real time;
- individual identity of the consumer in physical stores;
- cost reducing;
- optimization of logistics processes;
- historical purchase and product data;
- interaction solutions that build stronger bonds with brands;
- cost reducing;
- better levels of customer experience satisfaction.
Enhanced by the even greater emergence of IoT and the features of 5G networks – high speed download and To upload, very low latency, lower power consumption, higher density of connected devices per area, etc. – enable innovations that can make the retail consumer experience highly engaging and filled with relevant solutions.
For example, when the consumer goes to buy a specialty coffee, can follow the whole processFrom micro-lot to harvest in a given region, information about the producer, harvest, type of grain, roasting in short… You will have all the history, technical and functional magic of your favorite coffee. in the palm of your hand to tell the stories you want while tasting or buying.
In a constant search for differentiation and the best experience, the retailers of the future will be those who can align each customer’s deep individual knowledge with the convenience virtues their organization offers in an increasingly abstract cost-benefit equation. focused on consumer satisfaction. And the IoT can play a profound role in differentiating and innovating for these retail leaders of tomorrow.
*Fernando Moulin is a professor and business, digital transformation and customer experience specialist, partner of Sponsorb, a boutique business performance consultancy. Email: fernando.moulin@
Source: Tec Mundo