To keep pace with increasing customer demands, malls need to reinvent themselves with the help of technologies such as internet of things (IoT) which is set to grow from its present market value of over $9 billion to a massive $30 billion by 2024.
FREMONT, CA: When someone talks about shopping malls, people tend to visualize numerous stores representing merchandisers with connected walkways and pleasant experience. Customer expectations are high when they visit a shopping mall as compared to traditional shopping experiences. Thus to keep pace with customer’s rising demands, malls need to reinvent themselves with the help of technology and intent. With the growing implementation of internet of things (IoT) applications in retail, IoT is set to grow from its present market value of over $9 billion to a massive $30 billion by 2024. Here are some of the ways in which it is transforming the shopping malls and retail industry in general:
Smart stores add value to the business as they provide the managers with several insights and analysis, such as mall traffic and critical factors driving the entire customer experience. Earlier, the stores had to rely on customer surveys to get an idea, but now they are using customer mapping technology for invaluable insights regarding customer interaction.
Businesses are using geo-targeted SMS campaigns to deliver marketing contents directly to a customer’s mobile using their specific location. They use such direct marketing campaigns to create and drive their sales. Further, a consumer’s geographical location can provide better insights into what exactly can interest the customer.
Though it seems a far-fetched possibility but a smart shelf is no longer a thing of the future. It is a store shelf equipped with radio frequency identification (RFID) reader which is either built into the shelf or installed behind the regular shelves.
IoT has enabled in the increased use of smart signage in retail stores. Digital signage is aesthetically pleasing and attracting. It is not just a new and exciting change but has also revolutionized the shopping experience with logical and thoughtful suggestions for customers.
Self-checkout kiosks eliminate the need for the customers to stand in queues for payment. Applications such as self-checkout kiosks are transforming the game in retail. It also allows the customers to feel more in control of the transactions while letting the customers digitally pay for their purchases.