The Internet of Things (IoT) is a concept of connecting devices such as cellphones, computers, coffee makers, headphones, washing machines, wearable devices, and all other modern-day gadgets to the internet. The topic is gaining popularity in different walks of life, but its role in redefining people’s shopping experience is something noteworthy.
While the Internet of Things is about much more than just shopping; it provides a range of benefits to the retail space, and is having a notable effect on the way people shop these days.
Aligning shopping with environmental impact
The Internet of Things enables shoppers to be better informed about how their purchases, made with their hard-earned dollars can better align with their environmental priorities. As the “go-green” cause is gaining momentum, shoppers are becoming increasingly more aware and better informed about where they spend their money. In particular, a shift in willingness to spend and purchasing patterns among millennials is observed. About 72% of the millennial population are willing to pay a premium on their goods and services in order to buy from companies who are committed to positive environmental and social impact.
The trend is expected to rise close to 90% in 2017, when people will be focusing more on investing in “green” products. Moreover, IoT helps retailers in demonstrating their sustainability practices. It helps in the accurate tracking of energy consumption by equipment and verifying energy efficiency efforts of retailers in real-time.
Improving customer service with data-driven sales support
The Internet of Things provides data related to customer traffic, time spent in browsing through products, and demonstrating the flow of consumers throughout retail stores. Such data enable store managers to create better product placement strategies and attract more number of customers through incentives. The data helps in establishing speedy checkout mechanisms, which ultimately enhance people’s shopping experience. It helps in retaining old customers by providing them with attractive incentives. With such data-driven sales support, retail stores can identify shortfalls in their current practices and correct them to enhance the overall shopping experience of their customers.