Hyper-relevance enabled by the Internet of Everything is key to unearthing a more than 15% boost in profits for retailers, according to Cisco. The company released survey findings from 1,240 retail consumers in the U.S. and U.K. that suggest ways in which retailers can capture the digital consumer through IoE-enabled experiences involving mobility, video and analytics.
The Cisco retail survey found that most shoppers want an experience that improves convenience and efficiency, extending beyond personalization into hyper-relevance. Hyper-relevance uses analytics to determine the experience that best suits the customer's context or their in-store patterns. These analytics use video to determine where shoppers are spending more time in the store and which shelves need restocking in order to improve shoppers' experiences and store performance.
Cisco tested a series of different shopping concepts with consumers in its survey to determine receptivity to IoE enablement in the shopping experience. Thirty-nine percent sought improvement in the way goods are selected and purchased – having products in stock with low wait times at check-out – while only 13% chose more personalization in their shopping experience.
Seventy-seven percent want digital signage at each checkout line to provide estimated wait times. Sixty-seven percent want digital signage for locating products in store, and for viewing offers tailored to their preferences.
Seventy-three percent of survey respondents want to use a smartphone to scan products for special customized offers and promotions in the store. Sixty-three percent want to use augmented reality apps to help locate items on their shopping list, and 57% want these apps to deliver product information such as online consumer reviews or ingredients.
Sixty percent want to use their smartphones to scan barcodes on items while shopping to track and pay at a self-service checkout. Another 49% want to store several payment cards on smartphones and smartwatches to pay in stores by swiping the device at the checkout.
And 50% want to maintain a "smart online shopping cart" that gathers information from smart home appliances, purchasing history and items added by the consumer to constantly update a virtual cart of current purchase needs.
For product delivery, 57% of survey respondents want to order products online from preferred retailers, and then pick them up in person using a drive-through lane at the store. Another 53% expressed a preference for same-day delivery at home of orders placed online for a fee of $5 per delivery.
And 40% would like to pick up online shopping orders from a secure locker at a convenient location.
Cisco says hyper-relevant IoE represents potentially $1.5 trillion in value for the private sector retail industry. Cisco has said previously that IoE can unlock over $19 trillion in cumulative economic impact.
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