Consumer Goods Technology
The big question on the minds of retailers and consumer-facing brands is how to apply IoT in ways that will resonate with customers so that they feel secure about adopting and investing in them. In this article Seeta Hariharan, GM & Group Head TCS’ Digital Software & Solutions Group discusses the game changing opportunities and the challenges that Internet of things presents for the retailers and consumer-facing brands.
For retailers, IoT offers game changing insights into consumer preferences, such as their propensity for selection and price, and how they want to engage in a retail experience.
For example, look at how Burberry has singularly redefined what it means to go shopping. As an early adopter of IoT and connected digital technologies, Burberry has successfully blended both physical and website in its Regent Street flagship store. The store was built using digital first as the blueprint to provide consumers unique, personalized experiences via interactive mirrors, cultured areas to socialize, and digital based service and displays – all within a brick and mortar environment. When one walks into 121 Regent Street, they experience what it feels like to be inside the Burberry website.
While Burberry may be an extreme model of digital transformation, every retailer needs to understand how IoT data can help attract and retain customers, determine best product placement, modify pricing according to consumer sentiment and predict what offerings to sell next.
With the power of connective networks, the affordability of sensors, and empowerment of the customer, the possibilities are truly endless. The key to success for retailers will be knowing how to mine the IoT data, ensure trust of data use among customers and partners, and create apps to deliver a truly engaging experience that will make the lives of their customers happier, easier and safer.
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