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