How Can In-Store Retailers Improve their Operations?

By: Retail CIO Outlook | Wednesday, January 29, 2020

Platform solutions that are designed on a cloud-centric concept need to have reliable, low-latency, high-bandwidth network connectivity, which is perhaps a challenge for businesses that lack robust and reliable network connectivity in different geographic locations.

FREMONT, CA: It has been a long way for the retailers to come out from all -Amazon perspectives. In some cases, the traditional brick and mortar retailers are also going to great strides to offer a near-Amazon shopping experience online. They are providing fast and free delivery to home or different stores, allowing pickup in-store, and smoothing out the rambling channel connectivity challenge in the past.

Bitcoin and other crypto-currencies are grabbing much buzz because they provide an opportunity to sidestep the costly forms of payment to get something much cheaper. In the retail industry, there is a potential to leverage blockchain for trade promotion management, product sourcing, and product raw material tracking and tracing. In the future, prominent consultant and tech partners might be seen adopting and exploring the possible applications for the industry from the blockchain.

Analytics and data upside in retail is experiencing a high forecasting and supply chain planning demand. Additionally, better inventory transparency with the help of a combination of data and systems, along with sensors to track in-stock/out-of-stock, might continue to allow flexible transformations. Analytics has grown into being a significant part of the fabric in an organization. A centralized data science or data discovery team for retailers with scale can be beneficial to drive reporting and analytics techniques in the business. IoT solutions depend on centralized, platform-based solutions to gather, preserve, and evaluate sensor data from devices.

Furthermore, Artificial intelligence (AI) is referred to as smart machines that expand human abilities by sensing, realizing, acting, learning, and also letting people achieve much more than they have thought. Retail will witness a constant shift in their approaches to improving the products and services as emotional intelligence (EQ) turns out to be an essential AI differentiator.

An essential cloud-based platform is crucial to handle, as well as develop the analytics applications and models derived from multiple devices, which, when implemented at the edge, can be personalized for the specific instance and situation. Edge analytics enables the running of a variety of machine learning (ML), predictive, and regulatory models that demand a prevailing computer environment. The technology is a real near-term opportunity for the retailers as they work to handle data-driven decisions throughout the channels and several global locations.

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