What Retail 4.0 has in Store for the Brands That Embrace it?

By: Retail CIO Outlook | Tuesday, January 14, 2020

Retail 4.0 is becoming increasingly popular in the retail industry for its ability to meet customer demands and flawlessly manage inventories.

FREMONT, CA: The retail industry has experienced a tremendous evolution since the introduction of modern technology, rapidly shifting economic circumstances, and increasing consumer demands. The retail leaders have already implemented the new iteration of digital transformation in retail, which has been named as Retail 4.0 by industry insiders.

The following are some of the benefits that Retail 4.0 will be bringing to the retail companies, whoever will adopt it.

1. Ability to go wherever the customer goes

Retail 4.0 enables retailers to understand and allocate personal consumer data for frictionless commerce thoroughly. According to the study, more than 80 percent of customers report that social media and online ads mostly influence their purchase decisions. Retailers, by providing its operations with customer profiles based on social media activity, purchase history, and other demographics, can now create laser-targeted promotions that can be geo-targeted for the closest physical retail location.

2. Access to innovative technology will level the playing field

Retail 4.0 provides retailers, regardless of their size, access to tools that can pave the path for better shopping experiences at affordable costs that opens the door to opportunities for retailers. The technology empowers the retailers the opportunity to implement conveniences that satisfy consumer demand without crippling budgets and upending their processes.

3. Impeccable inventory designed for emergency

The report of iVend Retail’s Global Shopper Trends says that 91 percent of the customer research products online prior to making an in-store purchase. This calls for an inventory that is updated and flawless. Anything less can cost the retailers their customers and money.

By embracing Retail 4.0, retailers can take their inventory to the next level, which will not only appeal to their customers but also help them in competing against e-commerce giants.

By harnessing platform agility, retailers can incorporate an endless aisle approach that extends the diversity of their brick-and-mortar inventory simultaneously utilizing the Internet of Things (IoT) and AI for creating a significant granular, real-time picture of perfection.

Conclusion

Adopting Retail 4.0 tech will prove to be a win-win situation for retailers. Those who will embrace this tech will be handsomely rewarded.