Survey: Consumers want Internet of Everything-enabled retail experiences
New York -- The digital consumer has come of age, and a new survey by Cisco revealed that retail consumers in the U.S. prefer Internet of Everything (IoE) enabled retail experiences.
The fifth annual Cisco Consulting Services retail survey found that most shoppers want innovations that improve convenience and efficiency, extending beyond personalization into hyper-relevance. Hyper-relevance delivers value — such as greater savings, efficiency, or engagement — in real time throughout the shopping lifecycle, using analytics to determine the experience that best suits the customer’s context (where he is, what she is looking to accomplish in that moment). Analytics helps retailers track in-store patterns and use existing video technology to determine, for example, where shoppers are spending more time in the store and which shelves need restocking, information that can immediately be used to improve shoppers' experience and drive better store performance.
When asked to identify primary areas for in store retail improvements, 39% of consumers identified the process of selecting and purchasing goods - for example, having the products they want in stock and an efficient checkout process. By contrast, 13% chose a more personalized shopping experience.
To help provide guidance to retailers on where and how to make their strategic innovation investments, Cisco tested 19 different shopping concepts with consumers in its survey. Together, these provide a snapshot of consumer receptivity to new IoE-enabled innovations in the shopping experience. These use cases are at the heart of the IoE value that is up for grabs for retailers in terms of revenue uplift and employee productivity. Examples include product delivery (in-store pickup via drive-through lane at the store; same-day delivery; and secure lockers for pickup of online orders); augmented reality offers such as using a smartphone to scan products for special customized offers and promotions in the store; mobility-enabled shopping, including smartphone and tablet apps, smartphone checkout, smart online shopping carts and mobile payments; and interactive digital signage.
“The opportunity ahead is tremendous,” said Joseph Bradley, VP and founder IoT / IoE Practice. “Of the $14.4 trillion in IoE value for the private sector, $1.5 trillion is there for retailers. The key to capturing this value is realizing that digital consumers aren’t static — they’re dynamic.”