There is a widely held view that pure-play e-commerce presence is disrupting the retail space so radically, bringing competitive pressure to retailers. However, the reality is quite different.
Consumers’ buying behavior and lifestyle choices are changing, and it is high time for retailers to adopt digital transformation. The ultimate aim of a retailer is to convert a visitor to a customer. The key to achieving this goal is to take the customer experience to the next level, be it online or in-store, in addition to bringing efficiencies in retail operations.
Digitizing the physical retail store with Smart Shelves based on the Internet of Things (IoT) is a conduit to bring digital experience into the physical store. Smart Shelf is an asset to retailers for getting in-store insights and real-time store monitoring and control.
Retailers are now re-strategizing their in-store offerings to keep apace in a digital-first world. The major benefit of physical stores is an opportunity to provide a visual and sensory experience to customers that cannot be replicated in online retail. Innovative technologies like Smart Shelves empower retailers to deliver enriching customer experience along with optimizing and automating the store operations.
Business growth will depend on the retailer’s ability to develop a Digital Strategy and execute at the right time, gaining a competitive advantage.