The Indian retail industry is one of the most dynamic and fast paced industries to have come up in recent years. Today, organized retail in India has huge potential because of the vast market and the growing consciousness of the consumer about product quality and services. But this growth is highly dependent on the ability of retailers in the organized sector to reinvent and stay abreast of the changing times and technological innovations.
The Changing Retail Store:
Internet of Things (IoT) is a game changer for retailers and it equips organizations to deliver personalized, predictive and productive experiences to their customers. Data collected from IoT solutions will provide real-time insights and help retailers improve the current market scenario in India by focusing on reducing costs, increasing revenues, increasing operational efficiency and improving customer experience. Thus, by embedding IoT sensors and devices in day-to-day activities, retailers can enhance the five pillars of a retail store – operations, securities, marketing, maintenance and customer management. Bosch India, by integrating software, sensors and services, has developed a range of IoT solutions to help retailers across the country in this endeavor:
Operations – Poor quality of food products, lift failure, inadequate parking spaces and long checkout timings are few of the operational glitches that may in a retail environment. IoT solutions focused on improving customer convenience such as fleet and package tracking solutions, supply chain logistics with RFID solutions, cold chain monitoring, energy monitoring and analytics, and indoor-outdoor air quality monitoring are offered by Bosch India to help retailers tackle these operational difficulties.
Security – From quick support to emergency handling, retailers should be equipped with best-in-class technology to ensure the safety of their customers. The level of danger may vary from a parked car blocking the way to an unfortunate in-store theft. IoT solutions developed by Bosch India to address these issues – Intelligent video analytics, Footfall counting, classification, dwell and path analysis, fire detectors, and alarm systems – will offer a safe and secure environment for customers.
In-store Marketing – Customer retention can be improved through promotions, in-store attractions, loyalty programmes and competitive pricing. By analysing the data harvested from IoT sensors and devices, retailers can further improve in-store marketing strategies and subsequently improve the rate of customer retention. To enable this, Bosch India offers solutions indoor localisation services and user experience design.
Maintenance – Efficient usage of assets, transparency and decreased downtime to avoid ambiguous situations, and warning signals before asset downtime will help retailers improve their maintenance services. Asset management services, predictive analytics, maintenance digitization services and in-store analytics are solutions developed by Bosch India to help retailers achieve this.
Customer Management – Convenience, value for money, variety of products, accessibility and product information attract customers to a retail store. Enhancing customer experience through good operations, security, marketing and maintenance will not suffice, if the aforementioned elements are neglected. Quick assist service, product location finder and blockchain facility, which facilitates secure online transaction, are offered by Bosch India to enhance the customer management vertical in a retail store.
The New in-Store Experience
The tech savvy consumer of the digitized world is accustomed to immediate and personalized shopping experience of online channels and has grown to expect the same from brick and mortar stores. To meet this demand, retailers are incorporating e-commerce into their business and creating a “Phygital” customer experience by adding digital experiences into their physical stores.
The “Phygital” experience helps the retail store understand the customer’s in-store behavior through online engagement and interactions. This data coupled with an interactive experience, both in physical and digital environments, is used to provide personalized and contextual advice to influence the customer’s buying behavior.
Bosch-IERO (a Bosch retail start up) brings to the retail world, a multitude of in-store solutions that aim to enhance the user experience & take strides towards the next generation of smart retail stores. Bosch-iero brings together Contextual Recommendations, Indoor Positioning & Behavioral Analytics in collaboration with augmented reality & electronics partners to provide a unique shopping experience to the consumers. These technologies offer an opportunity to deliver personalized services to the end consumer by understanding their individual preferences & habits.
To know more, reach out to us on: firstname.lastname@example.org
Robert Bosch Engineering and Business Solutions Pvt. Ltd.
Koramangala, Bangalore – 560095, India