Due to the high growth of internet, global landscape of specialist
retailers has completely changed. Specialist retailers are coming up with new
techniques on order to get in contact with their customers. The traditional
retailers involved setting up of large multichannel firms which are a retail
outlet which is visited by the consumer physically. This traditional approach
has been changed completely with the introduction of internet in this industry.
They have changed the entire landscape for the specialist retailers.
Studies suggest that customers themselves demand a more interactive
interface which improved the overall experience. Majority of the consumers are
even willing to pay higher for services just to get a more enhanced experience
while availing their service. According to the study, ‘Retailer
Deep Dive: Specialist Retailers - Strategic Issues And Market Trends Affecting
Specialist Retailers’, some of the major companies that currently
operate in the specialized retail segment include The Home Depot, Lowe's
Companies, Best Buy Co. Inter Ikea
Systems, Apple, Metro, AG, H&M Hennes&Mauritz, Industria de
DisenoTextil, Suning.com Co., AdeoGroupe, Marks & Spencer, GOME Electrical
Appliances and The Gap.
The major technology that is currently being worked upon in the specialized
retail industry segment includes the Internet of Things. With use of internet
of thigs, business can significantly improve the instore layout. Sensors and
other devices can be user to track customer movement which can be used to place
most favoured products at a position that proves to be advantageous to the
company or organization. Also after analysing this data, consumers could
effectively promote their products. The instore layout which is powered by
sensors and internet of things is expected to witness an
extremely high growth for the forecast period. Specialized retailers designed a
system to reliably detect user-object interaction by using Radio Frequency
Identification, also known as RFID.
In order to prevent any company from going
out of stock, managers place devices behind machines which will give a signal
in case they are removed from the shelf. One of the major problems which the
customers face in specialized stores is the process of checkout in which they
have to wait for a great time. Rather, IoT powered devices allow consumers to
make direct payment without having to stand in a queue. As the customer walks
out of the showroom, the RFID tag attached with the phone will be caught by the
sensors and the payment will be charged to the bank which is directly linked to
the mobile phone. This would not only save time for the customers, it will also
allow businesses to save on their additional costs as a separate cashier need
not be employed.
The growth in the specialized sales can be on an upward trend
however; this is also contingent on the fact that most of the consumers are
increasingly using their mobile phones to do their shopping. The competition in
the specialized retail industry is expected to be high however; companies that
have huge financial resources would be the ones that would eventually lead the
market.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
