SMART STORES

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

bUSINESS IMPLICATIONS

  • 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

relevant sub-sectors

Consumer Electronics

Department Stores

Fashion & Sporting Goods

Furniture & Household

Supermarket & Convenience Stores

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