Demand for personalized shopping experience driving the connected retail solutions in Asia
Disruptive forces in the retail and consumer products market are challenging the status quo in the Asian retail industry. The time is ripe for companies operating in this industry to step up and respond to these disruptive forces by integrating and deploying cutting-edge digital solutions. The onus is on the industry players to be creative and seize the opportunity that comes from the latest technology to delight consumers with every interaction.
Amid such a situation, enter connected retail solutions that help brands create compelling, end-to-end omnichannel experiences across all shopping touch points beyond the brick and mortar stores. Connected retail solutions typically personalize the consumer journeys by vertical, including apparel, beauty, shoes, and grocery. It efficiently integrates physical and digital channels through the use of Digital Reality (augmented/virtual reality), IoT, facial recognition, smart video, cashier-less checkout, smart shelf monitoring, and inventory tracking, among others. Another significant advantage of these solutions is real-time inventory and store management, in addition to targeted marketing and personalized consumer experiences—which has emerged as a prerequisite for Asian consumers.
Advantages of connected retail solutions
- Enables omnichannel shopping: Connected retail solutions support buy-online, pick-up in-store for today’s digital customer that prefers “want-it-now” shopping experience
- Promotes in-store digital experience: These solutions offer best-in-class in-store digital experiences including wayfinding and calling for in-app associate help
- Supports campaign promotion: Connected retail solutions allow identification and targeting specific set of customers based on buying pattern
- Digital Reality integration: These solutions offers innovative ways of finding additional product information to make purchase decisions
- Self-checkout integration: Provision contact-less self-checkout using IoT sensors and embedded payment methods
Changing consumer preference is at the heart of the retail disruption
In this digital era, driven by a wide array of smart consumer technologies, consumer behaviour is undergoing a sea of changes. Shoppers in Asian regions are more informed than ever, with access to multiple sources of information, thereby making them more demanding and less forgiving to mistakes. Furthermore, they expect that brands know them intimately and will not hesitate switching to a different brand.
To cater to these informed set of consumers, the Asia connected retail solutions market facilitates retailers to use Artificial Intelligence (AI) and machine learning to improve operational efficiency as well as enhance customer experience. Brands are using AI to power their in-store app, which helps customers navigate their stores and assist shoppers on their website. Going forward, AI-powered solutions will also support store associates by allowing them to provide live detailed product information or recommendations with which associates are able to better serve customers.
Today, consumers in Asia are digital-savvy, mobile and socially active. They are highly connected and demand omnichannel experiences where they can shop anytime, anywhere and with any devices. They also demand personalized products and services, look for greater satisfaction in life experience and have a strong desire for convenience and immediacy, and this in turn is driving the adoption of connected retail solutions. Asia’s consumer market is and will continue to be driven by preferences of the exploding middle class, particularly the growing, influential younger consumers - millennials in the region.