Enabling Next Generation Retail by Making Every Merchandise Smart
The retail industry is going through transformative changes... There are no more typical consumer segments, no more geographies, and no more one-size-fits-all solutions. Consumers are steadily challenging the value proposition of retailers. They want to interact, belong, influence and dictate “what they buy”. 88% of new age consumers use digital channels before, during or after making their purchases. Today’s markets are increasingly influenced by individualized consumer demands — higher quality, individualized products, prompt delivery and comprehensive pre- and post-purchase services, quick shipping, and regular updates–. The role of the consumer has shifted from one of passive observance to enabled dominance.
A growing number of retailers are taking big steps driven by the need to provide a differentiated customer experience, full Omni-channel integration, and improved margins. Many of them rely on new enabling technologies as mobile, cloud-based services, wireless in-store technologies, and Digitized Product ID (QR Code, NFC).
Digitized Product ID (QR Code, NFC) is a key enabling technology as it can provide item-level visibility for almost any merchandise item. Visibility is the key foundation for new processes and applications being introduced in retail to optimize overall performance and enhance the shopper experience, such as factory to shelf asset tracking and inventory management, store optimization, self-checkout, loss prevention, returns management, smart mirrors and dressing rooms, location-based services, mobile shopping, promotions and others.
Revolutionize Your Retail Business
Digitize your products and you will digitize every part of your business that really matter.
Inventory Accuracy for Revenue Protection and Omni-channel Readiness
A barcoded alone stock file’s accuracy ranges typically between 60% and 70% depending on the cycle of rectification. With Digitized Product ID (QR Code, NFC) there is a real time 100% accuracy. A high degree of accuracy is important because it minimizes revenue loss due to out of stock situations and enables Omni-channel scenarios where customers could check item availability online prior to traveling to a store.
Shrinkage Loss Prevention
According to the Centre for Retail Research global financial losses due to retail shrinkage sum up to an average of 1.5 percent of sales representing a total value of more than 100 billion US$ annually. The three key causes ordered by magnitude are shoplifting, followed by employee theft and internal errors including mispricing, invoicing errors and administrative failure. Digitized Product ID (QR Code, NFC)-based item-level tracking from factory to the store cashier can help to identify, monitor, and reduced shrinkage significantly.
Focusing on Customer Insights and Experience
Since the strong growth of online stores is driving more competitive shopping trends, the ‘Know Your Individual Customer’ is becoming more important to retailers in order to ensure customer satisfaction and loyalty. While the online world can analyze clicks and search entries very well a retail store has enormous potential to get insights into real world shopper behavior by leveraging Digitized Product ID (QR Code, NFC) for in-store merchandise visibility as well as creating a superior customer experience through Digitized Product ID (QR Code, NFC) assisted virtual mannequins or fitting rooms.
#Mobile is unlocking #consumer control, #empowerment, and driving a hyper-segmentation. As we move from mass #marketing to massive customization—from focusing on averages to individuals — I believe that in the future we will build #brands in segments of one