HOW DOES IT WORK ?
- Smart Stores leverages technology and the Internet-of-Things to give customers a “SMART” shopping experience
- In this model, traditional service offerings will be replaced by technology or robots (i.e. cashiers, physical payments, product interaction) to give customers a more efficient and seamless shopping experience
- Human interaction may still exist but focused on providing value-added services like advisory services. Human working in a smart store context would see a huge reduction in transactions and manual activities as compared to the traditional outfits
- Data analytics would help retailers make much more informed decisions that is backed by actual data
- Retailers need to be transparent with how they are using their customers’ data. Privacy is another key issue where such technological enhancements raises with the collection and subsequent usage of a customer’s personal data
- Higher reliance on technology exposes the retailer to a higher level of cybersecurity risk. Putting the right safeguards in place is key for retailers looking to secure customers’ trust