{"id":1664,"date":"2016-09-21T10:28:41","date_gmt":"2016-09-21T10:28:41","guid":{"rendered":"http:\/\/www.tellermate.com\/?p=2014"},"modified":"2018-05-31T09:48:18","modified_gmt":"2018-05-31T09:48:18","slug":"retail-internet-things-revolutionizing-just-customer-experience","status":"publish","type":"post","link":"https:\/\/www.tellermate.com\/de\/news-and-resources\/retail-internet-things-revolutionizing-just-customer-experience\/","title":{"rendered":"Retail Internet of Things: Revolutionizing more than just customer experience"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-thumbnail wp-image-1345\" style=\"margin: -10px 0px 3px 3px;\" src=\"http:\/\/www.tellermate.com\/wp-content\/uploads\/2016\/09\/BERNHARDT-DONE-150x150.jpg\" alt=\"bernhardt-done\" width=\"150\" height=\"150\" \/>The Internet of Things is back on the agenda for retailers. Despite waning interest over the past few years; 2016 has seen a major resurgence of interest in retail internet of things connected devices. Driven in part by innovative products such as <a href=\"http:\/\/internetretailing.net\/2016\/09\/internet-of-things-connected-amazon-dash-button-arrives-in-the-uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Amazon Dash<\/a> and <a href=\"http:\/\/www.wired.co.uk\/article\/amazon-echo-feature\" target=\"_blank\" rel=\"noopener noreferrer\">Amazon Echo<\/a>; smart connected devices that make it faster and easier for consumers to shop &#8211; both in store, and at home &#8211; are now top of mind for businesses.<\/p>\n<p>But the Internet of Things <a href=\"https:\/\/www.fastcompany.com\/3052936\/the-future-of-work\/how-the-internet-of-things-is-changing-work\" target=\"_blank\" rel=\"noopener noreferrer\">isn\u2019t just changing the way that consumers buy<\/a>; it\u2019s also helping retailers drive profits &#8211; not just by subtly steering customers to buy more, but by making in-store operations more efficient.<\/p>\n<h4>What is the internet of things?<\/h4>\n<p>The Internet of Things was a term first coined by British entrepreneur Kevin Ashton to describe a network of \u201csmart\u201d devices. These devices either connect to the internet, or to each other. They collect, share or analyze data, and interact in ways that help make us more efficient.<\/p>\n<p>McKinsey estimates that by 2020 we\u2019ll have <a href=\"http:\/\/www.mckinsey.com\/industries\/high-tech\/our-insights\/the-internet-of-things-sizing-up-the-opportunity\" target=\"_blank\" rel=\"noopener noreferrer\">between 20 and 30 billion connected devices<\/a>. Gartner has a slightly more conservative view \u2013 <a href=\"http:\/\/www.gartner.com\/newsroom\/id\/3165317\" target=\"_blank\" rel=\"noopener noreferrer\">suggesting just over 20 billion<\/a>. Either way, it\u2019s clear that \u201csmart\u201d devices are set to play a bigger role in our daily lives.<\/p>\n<p>And, whilst early uses of IoT technology focused on making our <a href=\"http:\/\/www.ibtimes.co.uk\/centrica-unit-chief-says-smart-thermostat-adoption-has-doubled-within-year-1577876\" target=\"_blank\" rel=\"noopener noreferrer\">homes or workplaces more efficient<\/a> \u2013 many retailers are now utilizing this technology to come up with innovative solutions that make the shopping experience easier and more enjoyable.<\/p>\n<h4>How is the Internet of Things improving customer experience?<\/h4>\n<p><img decoding=\"async\" class=\"alignright\" title=\"Retail Internet of Things\" src=\"http:\/\/info.tellermate.com\/hs-fs\/hubfs\/UK_Assets\/UK_Images\/Retail-Internet-of-things.png?t=1475867289025&amp;width=250&amp;name=Retail-Internet-of-things.png\" alt=\"Retail Internet of Things\" width=\"250\" \/>Customer experience is increasingly important. Even online retailers are now increasingly focusing on improving the customer experience by offering shopping experiences tailored to each individual. In-store, retailers are turning to solutions that make the whole shopping experience as enjoyable and efficient as possible &#8211; and it\u2019s easy to see why. Harvard Business review recently found that \u201c<a href=\"https:\/\/hbr.org\/2014\/08\/the-value-of-customer-experience-quantified\" target=\"_blank\" rel=\"noopener noreferrer\">customer experience is a major driver of future revenue<\/a>\u201d.<\/p>\n<p>Connected devices, such as scan-as-you-shop technologies are now used in major supermarkets (<a href=\"https:\/\/www.tescoplc.com\/news\/news-releases\/2016\/tesco-rolls-out-scan-as-you-shop-service-in-more-stores\/\" target=\"_blank\" rel=\"noopener noreferrer\">UK retailer Tesco recently implemented these across a number of its stores<\/a>) to simplify the check-out process. They eliminate long lines at the registers, and help customers keep a real-time view of their total as they shop.<\/p>\n<p>Not only does this enrich the customer experience, but it also means that fewer cashiers are needed at the checkout. In this way, the IoT is helping retailers optimize employees\u2019 time; giving them more time on the shop floor, and more time to focus on profit-producing tasks.<\/p>\n<h4>How is the Internet of Things making retailers more efficient?<\/h4>\n<p>By utilizing smart solutions, retailers can make their whole operations more profitable &#8211; combatting higher costs, slimmer margins, and tougher competition.<\/p>\n<p>In the supply chain, RFID technologies can help monitor inventory, optimize ordering and reduce shrinkage. Fashion retailer <a href=\"http:\/\/www.wsj.com\/articles\/at-zara-fast-fashion-meets-smarter-inventory-1410884519\" target=\"_blank\" rel=\"noopener noreferrer\">Zara admit to using RFID chips<\/a> to keep a closer eye on its stock and to \u201creplenish racks more quickly\u201d.<\/p>\n<p>At the checkout, solutions such as Intelligent Cash Drawers are providing retailers with real-time views of the cash across their stores to drive more effective cash management.<\/p>\n<p>Tellermate\u2019s Intelligent Cash Drawer, <a href=\"http:\/\/www.tellermate.com\/en-us\/products\/t-ice\">LiveDrawer<\/a>, connects with POS systems and counts cash automatically as it is placed in the drawer. This eliminates the need to manually count cash during shift changeovers and keeps cashiers on their registers for longer.<\/p>\n<p>By communicating directly with the Point of Sale, Intelligent Cash Drawers collect and display cash data at a transaction-by-transaction level; allowing store managers to identify everything from internal theft, to low change levels, to customers being short-changed.<\/p>\n<p>And, with employees spending less time on manual tasks, such as counting cash; these innovative registers are a smart choice for retailers looking to accelerate the checkout process for all customers \u2013 not just those who pay in cash.<\/p>\n<p>It\u2019s clear then, that while customer experience is still a key concern for retailers, and while many IoT connected devices are specifically developed to help improve this; the Internet of Things is no longer just about customer experience. It\u2019s changing not just the way we buy, but the way that things are sold, and even the way that stores are run.<\/p>\n<p>By utilizing IoT technology to streamline their operations, retailers can be more efficient. Smart devices that alert staff or managers when customers require assistance, or when tills are running low on change will eliminate annoying waiting times for customers and help improve the in-store experience. Those retailers who invest in these connected solutions will ultimately benefit from happier, more loyal customers and in-turn \u2013 increased revenues.<\/p>\n<h2>Want to drive operational efficiency in your stores? <a href=\"http:\/\/www.tellermate.com\/en-us\/products\/t-ice\">Learn more about Tellermate&#8217;s Intelligent Cash Drawer<\/a>.<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>The Internet of Things is back on the agenda for&#8230;<\/p>\n","protected":false},"author":17,"featured_media":1668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[3,65,69,68,70],"tags":[],"class_list":["post-1664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-customer-experience","category-intelligent-cash-drawers","category-retail-technology","category-software-analytics"],"acf":[],"yoast_head":"<!-- This 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