I remember watching Minority Report back in 2002 and feeling a little bit envious of the gadgets Chief John Anderton had on his disposal. I so wanted a glass screen to wave my hands around and have things magically rearrange and augment... Remember the mall scene with face recognition, augmented reality and personalised branding?
Like most of Spielbergs films the story line bridges science fiction and reality. The lines between the physical and digital are blurred, resulting in a spellbinding world, overwhelming, scary and mesmerising in equal parts.
The advertising world has been using similar technologies for a long while now, especially for online engagement with targeted marketing. Our physical engagement however compared to the Minority Report still appears primitive. Advances in facial recognition software and the rise of augment reality is sure to drive engagement down "the path less traveled" and blur the lines between the physical and digital world even more. Although, I sure hope that the way we choose to use technology doesn’t result to interchangeable body parts to fool the system but rather to a less invasive architecture.
Today, many brands have and are becoming smart and connected. Using Beacons, RFID, NFC and other smart tags, they enable direct and fast user interaction with their products. Brand engagement with their customers is real time, personal and more effective, while consumers can access product-related content on demand.
Aside from automated check-outs, inventory control and optimisation, which can help reduce costs. Brands can actively engage and communicate with customers and pass useful information and relevant, such as unique identifiers, production details, companion products, fun recipes, discounts and other prizes.
Luxury goods can be authenticated and their journey from design to production to the user, can be made available to the buyer, limiting counterfeits.
Smart tag enabled clothing, lets the wearer engage real time with social media, their favourite brands and share location specific and personalised information with their followers.
These are just a few examples of what we can do today and it's only the beginning. Analyst firms like McKinsey, estimate that the potential economic impact of IoT in retail could range between $410 billion/yr and $1.2 trillion/yr by 2025. While Global Market Insights Inc. appears to be more conservative predicting IoT in the retail market to reach over $30 billion by 2024. Most likely, it will land somewhere in the middle. All impressive figures the retail market can't ignore.
IoT technologies are transforming the retail industry, driven by the need to increase customer loyalty and deliver the best possible customer experience. Similarly, IoT technologies are enabling traditional shops compete with today's online obsessed consumer world, by providing the necessary tools to improve customer experience, increase value and decreasing expenses. This is not the future this is now!
As demand for smart, connected products increases, the need for further innovation in multilayer security features and the need for standards, becomes extremely important. Users may share their lives online 24/7, however that doesn't mean they like to be tracked and sold to, 24/7, a balance between security and tolerance needs to be reached.
If you are looking to find ways to embark on IoT enabled solution connect with us or give us a shout and we would be happy to assist you on your digital journey.
Nassia Skoulikarity
Founder & CEO Apiro Data Ltd