Digital Technologies and Implications for Retailers
Whether it’s fraud prevention or facial recognition, retailers have never before faced such a proliferation of technology. Today, retailers must be experts around geo-location, mobile apps, mobile wallets, authentication and a slew of other technology-related tools, not to mention have strategies in place to utilize them correctly. To sort out all the technology options available to retailers today — and help develop action plans to attract and retain consumers using the tools — Synchrony Financial recently published a retail technology snapshot for retailers. Here are five highlights from the report:
The Internet of Things (IoT) is the interconnection of devices embedded in everyday objects (things), enabling them to perform functions, or to send and receive data. Due to broadband connections, retailers are deploying and connecting millions of low-cost micro-devices and sensors everywhere in the retail environment and in the home. The benefit of IoT for for retailers? It’s more data collected in more places, providing insights into consumer behavior, market trends, buying patterns and customer engagement.
Consumers use video to decide where to shop and what to buy. In addition, video streaming has taken off, particularly among millennials. Using video streaming in a sales context can help retailers’ answer consumers’ online questions, show products in action, explain their chief benefits and/or demonstrate how to use them. More retailers are also using in-store video more often: Hardware costs have gone down and the software algorithms are powerful.