Retail’s BIG Show, the retail exhibition organized by the US-based National Retail Federation to showcase new technologies that will impact the retailers in the coming years and improve customer experience. Intel showcased its latest solution for the retail industry, a platform that will enable stores to serve customers better based on intelligent data collection and analysis. Intel CEO Brian Krzanich during the launch of Intel Responsive Retail Platform at NRF 2017, highlighted the important role of data and smart and connected solutions in transforming the retail industry. He outlines the company’s vision for the next generation of retail experience and the things that will drive them. Excerpts from his editorial on the same:
How the use of data by retailers will define new experience:
The last time you shopped online, you most likely didn’t consider the data you created. Data is at the heart of the online retailer-customer relationship. The last online retailer you visited knows what you were first interested in versus what you eventually bought. And, it knows what you put in your cart and never purchased. Data can be measured, analyzed and accessed from anywhere. It will be the differentiator for retailers to grow and engage an expanded customer base. Until now, detailed shopper data was only available to online storefronts. At Intel, we believe that increasingly retailers will be separated by those who have data and use it to grow and optimize the shopping experience, and those who don’t and make their decisions based on “experience” and subjective observations. Used efficiently, data provides customers more control and retailers more information. As Intel is displaying, data-centric tools and other technologies are about to dramatically transform both your in-store and virtual shopping experiences.
How cloud and IoT will transform retailing scene:
Intel’s Internet of Things (IoT) and cloud technologies touch every link of the retail supply chain. IoT sensors capture data that can be analyzed. Data centers crunch the information and give it real-world usefulness. For example, our technologies can see what items are not in their correct location and the up-to-the-minute store inventory, including what’s in the back room. They can even tell what items go in to changing rooms, but never make it to the cash register.
Tech innovations that will give a new dimension to retailing:
Virtual reality will help customers and retailers use data and analytics to maximize investment and impact in retail. It could be a game changer. Today, innovative retailers like Alibaba are empowering customers to use virtual reality to shop anywhere in the world without leaving their home. Customers are engaging in personalized shopping experiences in virtual reality, while the immersive technology is opening doors for retailers to creatively reach new customers and markets. With technology like robots and artificial intelligence to free up employees, every aspect of the store and supply chain will allow retail employees to better focus on the customer and improve the store’s performance.
How Intel Responsive Retail Platform will bring the change:
To help transform how people shop and how shops can better serve them, Intel today is introducing the Intel Responsive Retail Platform (Intel RRP). It will deliver a deep understanding of how stores and people interact. And, over the next five years, Intel plans to invest $100 million in the retail industry with this new platform. The investment will enable retailers to unify every part of their operations, create a positive impact on their bottom line, and solve longstanding business challenges. The retail platform collects multiple data streams to connect digital and physical environments. With the goals of lowering costs and increasing sales, the platform helps optimally place inventory, deploy employees and other resources, and track inventory – through the supply chain to the store door. It provides in-the-moment information about what customers are buying, what they want and how to manage inventory so it arrives just in time for customers to take it home. And data-centric tools are just the start for where technology will take the retail experience.
Intel’s plans to revolutionize the shopping experience:
We’re developing technologies that will help transform the shopping experience in the near future. By bringing together virtual reality and the power of data, we’ll help create the store of the future – one that is smart, responsive, connected and secure. Intel also plans to invest more than $100 million over the next five years in the retail industry. The investment will go toward enabling retailers to unify every part of the retail operation – creating a positive impact on their bottom line and solving longstanding business challenges. This announcement supports Intel’s wider efforts to integrate Internet of Things and other technologies into retail – from inventory management to checkout – through its broad solution portfolio and rich ecosystem of solution providers.