LAS VEGAS, the United States, Jan. 9 (Xinhua) -- Tech innovations in artificial intelligence (AI), data collection and analytics based on Internet of Things (IoT) will enable retailers to hyper-personalize consumer engagement and maximize sales, industry insiders said Wednesday at the Consumer Electronics Show 2020.
IoT, which experts said will revolutionise the retail industry, is one of the hottest topics at this year's show held here from Tuesday to Friday.
IoT is a system of interrelated computing devices, mechanical or digital machines, objects and people, which provides unique identifiers. With the ability today to transfer data over a network much easier than before, it is the foundation of hyper-personalization.
"Hyper-personalization. That's where the future is headed," said Amy Herrick, director of Merchandizing for Beauty/Baby Consumables at Meijer, a leading retail chain in the Midwestern U.S. states.
"For us, that means understanding our customers' needs and preferences and utilizing that data to create fully customized beauty routines for them," she said.
The company is using its growing data pool to create predictive data models matching purchase patterns of similar households and generate recommendations for customers.
"It creates joy and excitement when they get a recommendation for a new product they've never used," said Herrick.
Accenture, which provides services in strategy, consulting and technology for three quarters of the Fortune 500 companies, is putting a spin on machine learning and data analytics for its client Carnival Cruise Lines, in expectation to give Carnival's customers a cruise of a lifetime by using IoT to collect data.
"We have 1,000 of sensors around the ship and our guests on Carnival ships wear wearable tech buttons that allows us to track and personalize their voyage experience and improve guest satisfaction," said Vincent Ball, a visionary product innovator with Accenture.
Onboard restaurants could also offer each guest a fully customized menu with only their favorite recipes. When they approach the door to their suite, it unlocks automatically, and their cabin recognizes and welcomes them.
The massive data streams from each passenger's wearables enable the cruise line to know their customers in minute detail.
"We are at an inflection point where we could gather all the data into a giant data pool across multiple devices to use predictive behavior to offer hyper-personalized recommendations," said Laura Heller, contributor to Forbes Magazine.
Tech is also being used to create a frictionless and "gateless" consumer experience, said Michael Suswal, chief operating officer and co-founder of Standard Cognitions, an AI platform that allows buyers to grab what they want without going to a cashier.
"Using computer vision, like Amazon Go, but for the rest of us, consumers can wave their app at the stores' entry point, walk in, pick up everything they want, then walk out, and their app will automatically be charged when they leave the store," says Suswal.
The future is here and retailers caught napping might have gloomy prospects, said Suswal. "It's important for retailers to ask themselves: 'How do you see the future of retail and how do you want to fit in to that future?'"
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