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Internet of Things (IoT) in Retail – Smart Shelves

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The possibilities related to retail have truly been endless – omni-channel, VR, AR, AI, and IoT being some of them. While these may seem like stiff challenges for retailers to implement, they need to recognize the opportunities hidden behind these challenges. These opportunities could impel retailers to explore newer and more efficient avenues to cater to their customers’ needs, to streamline business processes, and to improve bottom lines.

One such opportunity that knocks on the door of retailers is the Internet of Things (IoT). It is no more a buzzword, it has gained prominent significance in the retail space. The Internet of things (IoT) is a network of connected devices embedded with electronics, software, sensors, actuators, and so on which enable these objects to collect and exchange data. This concept of IoT has many applications depending on the physical devices that are connected and one of the most remarkable applications of IoT in retail is Smart Shelves. As the name suggest, shelves that have been made capable of storing, processing and sharing data are known as smart shelves. They provide with various benefits to the retailers such as:

  1. Easy replenishment: As smart shelves are capable of monitoring data pertaining to the items placed on them, they send real time updates to the retailers with integration to their POS software, so as to enable them to restock the shelves as and when required. POS software can then be used to automatically generate purchase orders for low stock items.
  2. Customer interest identification: The shelves can identify which products are more sought after and which are not by analyzing the data associated with product returns. This also helps retailers in identifying customers’ interests and better manage their inventory. POS software can further enhance this by providing insights into customer buying behavior and purchase history.
  3. Tracking misplaced items: There are various instances where items get misplaced, causing a dent to the retailers’ bottom line. Smart shelves can help retailers to curb the problem of misplaced items by alerting them through notifications and allowing them to look into the matter without causing any damage to the sales and the inventory. POS software, when integrated with security cameras, can also help identify the cause of misplaced items, such as shoplifting.
  4. Pricing display: An interactive kiosk or LED panel attached to the shelves can really enhance the efficiency of the store as it will allow people to search for the desired product and associated price, promotions and other relevant information without any trouble. POS software can be linked to these displays to ensure real-time pricing accuracy and automatic updates during sales or promotions.

In the modern age of digitalization and tech savvy customers, it is imperative for retailers to identify the points/strategies which can be implemented to improve the overall performance of the business. IoT POS Software, along with various other techniques such as omni-channel retail and AI can help retailers achieve the desired growth in a short span of time.

Also Read: Augmented Reality – The New Normal In Retail

ETP Group presents ETP #Futuretail – The Omni-channel Transformation of Retail Businesses.

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Simply operating multiple retail channels does not constitute an omni-channel strategy, unless done right. Today, customers may start in one channel and switch to another as they progress to a definite buying decision. Omni-channel implies making sure these complex ‘hand-offs’ between channels must be effortless for the customer.

ETP presents ETP #Futuretail India 2017, an inspiring session on ‘The Omni-channel Transformation of Retail Businesses in India’ to show how to convert such omni-channel challenges into opportunities. It will be held on 11 October 2017 at the Vivanta by Taj.

During the event team ETP led by Mr. Naresh Ahuja, Chairman & CEO, ETP Group will lead discussions on the importance of ‘The Omni-channel Transformation of Retail Businesses in India’. He will shed light on the abundant opportunities at hand for the retailers in this dynamic region by adopting an omni-channel strategy for their businesses as well as share insights on some of the key trends in traditional retail, e-commerce and omni-channel retail. ETP customers will share their learnings and ETP will share its research and technology.

Mr. Varun Suri, Solutions Director, ETP Group will present a live demonstration of ETP’s Omni-channel Retail Solutions to establish how ETP can help retailers in India to overcome the challenges in omni-channel retailing.

Take this opportunity to network with industry experts and leading lifestyle retailers in India representing several verticals such as fashion, footwear, electronics, mobiles, books and stationery, sporting goods, furniture and home furnishings, over cocktails and dinner at the Vivanta by Taj,  Plot No.1, Sector 44, Gurugram, Haryana 122004 on 11 October 2017. This exclusive event is invite only.

ETP #Futuretail will continue to drive the omni-channel transformation of retail businesses across Asia-Pacific, India and the Middle-East.

Converging the offline and online retail channels. #Futuretail is here!

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‘Click-and-collect’ or ‘Buy Online, Pickup In-store (BOPIS)’ is one of the many offsprings of omni-channel retailing and a way of shopping for many modern-day shoppers. It involves both online and offline channels of retail becoming a part of the customer’s shopping journey from demand to fulfilment. As such, it harnesses the pros of both the retailing channels, thus enhancing the overall customer experience as well as helping the retail business to be able to optimize both the channels to drive more sales and increase profitability. So also, there are other benefits that ‘click-and-collect’ brings to the table for both retail owners and end customers, and it goes without saying that the former need to make use of this powerful omni-channel technique.

All said and done, to reap the benefits, there are some essentials that need to identified, worked upon and put in place for the entire system to function optimally. For ‘click-and-collect’, there are 3 important pillars that need to be working in tandem.

E-commerce:

As click-and-collect needs an initiation at the online channel, the e-commerce site becomes very important. As it probably is the first customer facing touchpoint in the ‘click-and-collect’ customer journey, it has to be up and running well, right from the word go. Importantly, it should be updated timely with the right and relevant information to enable easy reference and decision making while shoppers are online with the intent of making purchase. Moreover, it should not be siloed but well integrated with the offline channels.

Order management system:

Order management systems (OMS) initially were used to handle e-commerce only and store only sales. But with the advent of omni-channel and click-and-collect, order management systems need to be more comprehensive and robust to not only handle orders from both channels, but also be able to orchestrate them through the right fulfilment centre as well as keep track of the order till the last mile. This demands an extremely complex order management system that is centralized and integrated with both channels. This serves as the backbone for managing inventory and routing the information flow that is almost real-time and updated, across the retail enterprise to perform the operations better.

Point-of-sale:

As the point-of-sale (POS) is essentially at the check-out counter of the brick and mortar store, it is an important component for ‘click-and-collect’ to happen smoothly. Modern day POS systems must be designed to meet omni-channel requirements of the retail business. One such requirement is enabling the store associates to ensure the easy and error free processing of orders that have come from the e-commerce platforms. Further, from the POS, the store associate should be able to forward the request for using another store or warehouse for fulfilment and this can happen if the POS is integrated with the OMS.  Finally, it is at the POS where the order is realized by the end customer, which makes it an important and the ultimate customer facing touchpoint for the overall customer experience.

While the e-commerce and POS could be considered to be the alpha and the omega of the retail customer’s ‘click-and-collect’ journey, it is their integration with each other through the OMS that makes the entire process successful. It is necessary for the updated, accurate and real-time information to be shared between these 3 components at all times, and this is only possible through integration and not working in isolation.

ETP Omni-channel Connect is a powerful technology that enables retail enterprises to efficiently integrate the 3components:

e-commerce, OMS and POS to ensure a holistic view of the customers’ data and a unified view of inventory information to handle ‘click-and-collect’ and other similar features such as ‘endless aisle’ and ‘click-and-deliver’. Moreover, the ETP V5 Omni-channel Retail Solutions which include a robust omni-channel POS solution, an integrated CRM Solution, a powerful promotions engine and many more can enable retail owners to drive the omni-channel transformation of their retail business to stay relevant in #Futuretail.

How can retail leverage the benefits of blockchain

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Blockchain is undoubtedly proving to be a disruption in the way financial transactions are carried out as these non-regulated distributed ledgers are ensuring secure and non-corrupt digital economic transactions using encryption. By extending the potential of blockchains to deliver low-cost, secure sharing of information and value in to the retail sector, there are certain important aspects of retail where blockchain technology can be used. Some of these applications are:

Payments:

Blockchain based payments can streamline financial transactions in multiple ways. They allow using a new form of digital currency, adding an additional option for payments. Further, due to the nature of the blockchain technology, it is very difficult to alter entries or create fraudulent entries by the participants. Transactions done on blockchain will ensure transparency and reduce the need of additional validation. By eliminating the need for third party intermediaries and additional costs for exchanging assets during transactions, blockchains can potentially prove to be cost-effective by greatly reducing the transaction fees.

Supply chain:

Blockchain based transactions can make trading potentially indisputable and also ensure integrity of information shared amongst parties. It can substantially improve visibility of information related to a product such as its location and status, ensuring better optimization of inventory level by retailers or distributors. Moreover, improved visibility of product information till the last mile will mitigate risks due to counterfeiting as the end consumers are able to validate the product characteristics (e.g. material, component specifications, manufacturing date, price, etc.).

Contracts:

Blockchain technology can redefine contract instruments with the help of smart contracts. Smart contracts use computer code to create terms of the agreement and because blockchain operates on a public level distributed among the participants in the system, the smart contracts would be easy to see and monitor. Additionally, blockchain could reduce the need for third parties such as brokers and purchasing agents and thus costs associated with them by finding the best price and terms for products as per the related information available.

CRM:

Blockchain can go much beyond just enabling trade processes and handling financial transactions. As such, blockchain technology and logic could disrupt traditional loyalty programs. Firstly, the CRM database containing information related to customers can be incorruptible and indisputable due to blockchain technology. Also, with the help of blockchain, loyalty points can be used as payment currency globally.

CEM:

Given blockchain benefits such as trackability of information and proof of authenticity mechanisms, customers can be assured of authenticity of products right from their origin. Thus the customer can trust not only the product, but also the retail brand as a whole. Moreover, enabling frictionless and secure payments could further enrich the customers’ purchasing experience. All this will greatly contribute to better customer experience management.

Also Read: Impact Of Blockchain On Supply Chain Management

Leveraging the power of blockchain in retail

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Blockchain –

a technology, though created in the previous decade, has been at the fore recently for enabling digital money transactions. The technology has garnered quite a bit of attention considering the various capabilities it encompasses. But what is making it tick? To know that, it is important to understand what is blockchain and other aspects related to it such as cryptocurrency and Bitcoin.

Cryptocurrency –

This is a digital or virtual currency that uses cryptographic techniques for security. This form of currency is not issued by any central authority, ensuring non-interference or no regulation by government bodies.

Bitcoin –

It is a type of cryptocurrency and digital payment system that was created in 2009. It uses decentralized technology for secure transactions and storing money without needing to have banks or people’s names associated with it. All it requires is a computer as Bitcoin is fundamentally a software.

Blockchain –

This is a ledger that records and maintains digital transactions done using cryptocurrencies such as Bitcoin. It records transactions chronologically and is shared by all nodes participating in the system thus making it decentralized.

Given a blockchain’s ability of storing digital economic transactions in a decentralized, distributed and incorruptible manner, experts opine that applications of blockchain may not be limited to financial transactions but can be extended to record transactions which can involve anything of value. This ability of blockchains to deliver low-cost, secure sharing of information and value, has the potential to bring path-breaking and innovative transformation of the way information is shared across the retail value chain.

Though the application of blockchain seems to be at a very nascent stage in other sectors such as retail, retailers must be open to the opportunity of harnessing the technology to the best of their abilities. Some of the possible applications and capabilities of blockchain in retail are briefly described here.

Also Read: Impact Of Blockchain On Supply Chain Management

Augmented Reality – the new normal in retail

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There has been a complete turnaround in the way retailers go about carrying their businesses in recent years. From quick online payments to fast product deliveries, retailers have incorporated various disruptive strategies to provide a hassle free shopping experience. But there are various other technological advancements that facilitate retailers in streamlining their business processes. One such advancement that has proved to be quite successful for retailers is Augmented Reality (AR).

AR as the name suggests augments or enhances our surroundings by enabling us to interact with the products we wish to purchase. Now, one may wonder why we need an enhanced environment for interacting with the products. Well, the idea is pretty simple, customers often search for the desired products online before making a purchase. However, it is difficult for them to understand the features of the product completely, resulting in a lost sales opportunity for the retailers. To not miss out on an online sale, it is imperative for the retailers to find newer avenues that lure the customers to make the purchase. In an era where handheld devices are commonplace, it easier for them to develop an application or an e-commerce website that can access the front/web camera of the customers’ devices and allow them to look at themselves interacting with the product through AR, thus, making it more easier for them to make the buying decision and thus, the purchase.

It is not limited to mobile applications and e-commerce websites; retailers having brick-and-mortar stores too can adopt this technology. For instance, apparel retailers can embed AR technology with their store mirrors converting them into smart mirrors. This helps people to experience the products without actually trying them. It is a great technological advancement that can also be used as a marketing tool as it impels customers to experience this at the stores. It helps in increasing the store footfall which in turn increases the chances of people making a purchase, resulting in an improved bottom line for the retailers.

AR also enhances the efficiency of the store in which it is used. It saves the customers’ time as they are not required to try out every product physically, resulting in less number of people queueing outside the trial room. Moreover, in a short span, a wide variety of products can be tried which allows the in-store staff to better understand the requirements of other customers, thus eliminating the possibility of a customer being neglected.

AR along with various other technological advancements has changed the scenario of retailing worldwide. It has been embraced by some of the biggest retailers across the globe and is all set to penetrate further into the retail space. Retailers should keep themselves abreast with such technological advancements since these shall become indispensable for them to maintain a prominent stature in the dynamic retail space.

Also Read: 7 Trends Shaping Asia’s Future Retail Landscape

Enhancing the in-store checkout experience with a 3 pronged approach

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In-store customer experience is the most important factor to increase customer traction and loyalty. It is highly relevant to the current scenario of the retail industry where there is a constant tussle between the e-Commerce and brick-and-mortar players. As pure play online retailers are leaving no stone unturned to grab a large chunk of the market share, brick-and-mortar businesses are being asked all sort of questions regarding their survival or doom.

However big a pure play online retail business gets, it cannot take away the value of physical stores. Having said that, brick-and-mortar retailers cannot just continue doing business the old fashioned way, waiting to get bought or to get shut. They have to evolve their strategies and processes thus ensuring to stay fit and firm in the game. And to do this, the best weapon would be to enhance their customer experience.

While there are umpteen factors that play a role in creating a wholesome experience for shoppers and these need to be looked at meticulously, the in-store checkout experience could be rated higher in importance than many others. Also, providing the best check out experience in the store can pose a stiff challenge, especially during peak seasons and rush hours. But this can be simplified with the 3 pronged approach – the right people using the right technology to drive the processes right.

To elaborate, there are effective and exciting technologies that provide solutions such as mobile point-of-sale (POS), mobile payments, self-checkouts, quick billing to ease the billing process at the check-out counter. Most of these technologies enable automation of operations thus reducing the effort of manually done processes and increasing the speed of transaction. Mobile POS systems can easily help retail brands bust lengthy queues by enabling handheld devices to be used for scanning products, billing and even registering customers for customer relationship management. Moreover, this can be done when the customer is still picking up products and has not yet entered the checkout queue. Another revolutionary technology that has been a game-changer in the payments industry is ‘mobile payments’. This has not only speeded up payment processes by enabling payments through mobile phones or mobile wallets, but also has allowed customers to travel cashless and cardless, making it beneficial for both retailers and customers. Self-checkout counters have been a recent development and implemented by biggies like Amazon. This almost gets rid of the physical check-out counter by enabling shoppers to use their mobile apps for billing which could be integrated with mobile wallets or bank accounts to handle payments directly.

But what good are these solutions if the people that use them aren’t aware of the capabilities of the technology available at their disposal? Every new technology will firstly need acceptance from those who are going to use it, plus the right attitude to learn and use it efficiently. Further, the store staff may know how to use the software right but what if they are not helpful and easily approachable or don’t have the right inter-personal skills? So the right people with the right attitude who are well trained in all aspects and equipped with the right technology solutions can ensure that the operations and processes required to handle check-out are carried out the right way, with ease and with minimal complications. A win-win situation for both – customers who are provided with the right check-out experience and retail businesses who will have fewer lost sales.

Why managing inventory the right way matters?

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Technology has completely transformed the way people make purchases. From online marketplaces to brick-and-mortar stores, retailers tend to implement innovative measures to better cater to the needs of customers. 

They incorporate promotion planning, customer analytics, and mobile payments to enhance the shopping experience. But, one thing that forms the backbone of retailing is somehow neglected in the entire retail chain. Yes, we are talking about inventory.

Managing inventory is not just a single task encompassing certain limited activities; it is a process that involves some complex calculations such as sell through rate, inventory turnover ratio, GMROI among others. 

It is an uphill task to perform the aforementioned calculations, which in turn makes it difficult for retailers to manage their inventory. Retailers require a tool that bridges the gap between brick-and-mortar stores and marketplaces, and provides them with a single, simple, and holistic view of the inventory.

One such powerful tool is ETP Connect – a robust, multifunctional, and comprehensive tool that connects the brick-and-mortar stores with the ecommerce sites and marketplaces. It provides real time updates to the stores and head office of the retailers about the purchases being made both offline and online. 

Whenever a purchase is made through website or marketplaces, ETP Connect routes the information to the head office, where the designated authority can view the immediate effect on the inventory in real time.

Also, since retailers get access to real time data, it simplifies their task of computing complex inventory calculations, thus enabling them to take timely decisions to further speed up their entire retailing process. The effects of this are manifested in the form of satisfactory customer experiences and a robust bottom line.

ETP Connect is a one stop solution for leading retailers to end their inventory management woes, by enabling them to better plan their business strategies. It also allows retailers to have a unified view of customers, endless aisle, and features such as Click and Collect, and Click and Deliver. 

Put an end to all your retail woes by implementing a futuristic and powerful ETP Connect and embrace the omni-channel transformation the right way.

Also Read : Retail And The Importance Of Integration

ETP Group: Omni-channel Retail Solutions assist retailers to surge ahead of the competition

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ETP has recently been recognized as one of the Top 20 Most Promising Retail Solution providers in India for 2017 by CIO Review.

Consumer shopping behavior has changed drastically with the influx of technology in retail. The digital age of retail has begun to compete with the brick-and-mortar traffic but the future of retail is unified commerce, which is about creating a seamless experience both online and in-store. There has been a pressing need for omni-channel strategies that can seamlessly orchestrate customer experiences across multiple touchpoints including brick and mortar store environments, smart phone connectivity, and online sales. To deliver a unified brand-customer relationship, ETP has developed an omni-channel retail solution, ETP V5 with features such as Click and Collect, Click and Deliver, Endless Aisle, holistic view of the inventory and single view of the customer.

Based out of Singapore, ETP is an Omni-channel Retail Solutions company operating in 22 countries across Asia Pacific, India and the Middle East. “Our software solution covers areas such as omni-channel POS, mobility, CRM, marketing and promotion campaigns, procurement, warehousing, distribution, omni-channel analytics and omni-channel connect”, states Naresh Ahuja, Chairman & CEO, ETP Group.

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