We live in an experience economy and every business is trying hard to emotionally engage with their customers to make their shopping journey a positive one. Today, the market is filled with similar products and services and this pushes customers to pay close attention to the overall experience. How they grade these experiences can determine if they will spend money with that business again.
The Internet of Things (IoT) may sound daunting to someone unfamiliar with the tech industry, but it doesn’t have to be that complicated. Plainly put, IoT is the network of connected ‘things’ which are embedded with sensors, software and network connectivity. This connectivity allows these devices to continuously collect and exchange data. Did you know that your Smartphone is actually an IoT device? With the steady rise of online retail giants, there is an overwhelming misperception that brick-and-mortar shopping is a thing of the past. Although online shopping has its clear advantages, physical stores are utilizing ways to advance their technology and keep their customers returning in-person. One of these approaches? IoT.
All any retail business wants for this holiday season is their customers to be happy and their revenue to increase. However, over the years, eCommerce sales have grown compared to in-store. With the success of giants like Amazon and other players in the market, brick and mortar businesses have started to think about reaching their customer base in new innovative ways and get them back into the store. But maybe, it is not about that. Consumer preference on how they shop are evolving and they are using each channel differently.
For the holiday season, it’s important to give shoppers what they want -- and right now, it’s about doing it their way. The holidays are a demanding time in which a variety of customers are shopping each day with varying expectations. According to the 2019 PwC Holiday Outlook, customers want “digitally-enabled convenience.” This looks different from customer to customer, but can ultimately be described as technologically-based ways of making the shopping experience easier, which can refer to the shopping itself, checking out, delivery and more. Any good holiday retail strategy can accommodate the different needs of their customers with one plan: offering choice.
Think of the last time you went to see your favorite sports team at a stadium -- how much preparation did you need before you went? Did you need to buy a ticket online, print it and remember to bring it? Did you have to keep track of a parking stub to get your car out of the lot? Did you tailgate beforehand to avoid spending the whole game in line at the concession stand rather than in your seat?
