For more than two decades retailers have had the opportunity to reinvent the retailing experience via the Internet. According to Deloitte, retailers old and new have grappled with the ever-evolving ways consumers find and purchase goods.
“Today, at last, many businesses are coming to terms with Internet-enabled retail, adopting Omni channel models that provide seamless shopping with greater choices and lower prices across online, in-store, and mobile platforms,” said the consultant.
The Internet has eroded the cost-choice limitations in the supply chain opening the door for what is seen today as omni-channel business models, and blurring the line between digital and traditional retail.
No longer is the customer limited to the stock on-hand; with the option to browse online, pick-up in store, or arrange delivery, every store effectively carries the products of the entire network. Now retailers can offer cheap with choice: the broadest range of products offered at the lowest possible price—a true innovation.
“Our own thinking on the Internet of Things in retail continues to evolve, and we expect to share additional perspectives in the coming months. But one thing seems clear: Companies able to address the thorny problems the IoT poses around data management, privacy, analytics, and other areas will likely be well-positioned to separate themselves from competitors. To truly build value from IoT investments, retailers should be expansive in their thinking, considering innovative applications and the use of supporting technologies, such as augmented intelligence,” concluded Deloitte.