But what exactly is Unified Commerce, and what does it entail? Unified commerce represents a significant shift in how technology supports the retail industry. When various front-end and back-end technologies seamlessly merge into a single unified platform, technology ceases to be a separate entity. Instead, it seamlessly integrates into the retailer’s business infrastructure, providing an agile system for delivering intelligent and efficient service at every touchpoint in the customer’s journey.

The evolution of shopping: 2013 vs. today

A decade ago, in 2013, my shopping journey involved a visit to the physical mall. Fast forward to today, and I start by launching a video conference with a store concierge, all from the comfort of my home. Thanks to the wealth of data, augmented and virtual reality (AR-VR), and the Internet of Things (IoT) infrastructure, the concierge suggests items by superimposing their images onto my digital avatar. I open another browser tab to research customer reviews and pricing, only to discover better offers at a different store, prompting me to place my order there. This shopping experience continues as I make one online purchase and then digitally visit another store to explore more options and find the perfect gift.

How do you predict an unpredictable customer?

Hearing a customer say, “I was just strolling by and noticed this, and I had to have it,” is music to a retailer’s ears, whether in a mall or a retail store. It’s a testament to the merchandising team’s exceptional job in curating gift options, making the shopping experience delightful. The customer finds a perfect gift basket more quickly than expected, and the checkout process is the final step to complete their visit.

As I reflect, engage in reading, and hold discussions with retail experts like  Kushal Kumar – Vice President of Strategic Delivery Organization at Indium Software – on how retailers aspire to craft extraordinary and personalized “unified” customer experiences, I believe that creating serendipitous moments like the one described above plays a crucial role.

As retailers navigate the opportunities and challenges presented by the COVID-19 pandemic, the seamless integration of digital and non-digital strategies becomes instrumental in gaining a competitive edge and future-proofing their businesses. Here, we explore three trends shaping retailers’ adoption of a unified commerce strategy.

#1 An Irresistible Opportunity – The Emergence of New Fulfillment Options

Prior to the COVID-19 epidemic, the proliferation of Buy Online, Pick Up In-Store (BOPIS) and curbside pickup was already on the increase. Nonetheless, the crisis has spurred consumer acceptance of these services. Online holiday sales in the United States climbed from $257 billion in 2021 to $270 billion in 2022, but worldwide holiday sales stayed flat at $1.14 trillion year on year. According to Salesforce, the development of the “buy online, pick up in-store” (BOPIS) option was a big cause behind this rise, with roughly one in every five worldwide online holiday orders.

An efficient unified commerce framework handles the inherent difficulties of operational management, from storefronts to the back office. Customers, for example, may always get real-time price and product availability. Integration with order and financial data provides clients with a complete record of all their cross-channel purchasing actions, including purchases, refunds, and exchanges made in physical stores and online.

Retailers are better positioned to improve the consumer experience by collecting data across the shopping journey by meeting customers where, when, and how they choose to make purchases. Furthermore, it gives useful insights that allow for the execution of a unified and seamless consumer and brand experience, both online and in-store.

In the words of a customer: “The app indicated that there were only two remaining – and there were two on the shelf.” Customers in the alternative situation just hope that the system’s accuracy matches the in-store reality when they arrive to make a purchase.

#2 Meeting the Demand for Personalized Experiences – Preparing for Tomorrow

Brick-and-mortar stores need a technological architecture that delivers insights akin to online experiences, extending beyond inventory display. Providing such information is paramount in today’s consumer landscape, where purchases are driven by lifestyle, value, and individual preferences. Customers now expect immersive shopping experiences enriched by virtual and augmented reality.

Retailers that tailor their services to individual customer preferences can offer personalized recommendations at every stage of the buying journey, guiding customers toward a successful checkout. To ensure a seamless experience, retailers must ensure the most relevant products are readily accessible, from fitting rooms to endcaps to BOPIS pickup points. Real-time sensor data, machine learning (ML), and artificial intelligence (AI) can revolutionize these processes, providing live inventory information, SKU-specific stock levels, and insights into consumer interactions with products.

Unified commerce amplifies the in-store shopping experience by consolidating consumer data from various channels into a single view, accessible to store executives through mobile POS devices. Yet, true success relies on the ability to collect and translate data into meaningful insights. Integrating intelligence at every stage of the commerce journey is vital for delivering unique and context-aware shopping experiences.

#3 The Growing Tech-Savvy Millennial and Gen Z Customer Base

As consumers entrust more of their personal information to their smartphones, digital payments are swiftly becoming the preferred payment method. Mobile payments offer immediate checkout, as a mere touch of the payment app icon triggers the transaction. In contrast, traditional POS systems take several seconds to approve and process chip credit card payments. Though seemingly minor, these seconds hold significant value for the modern omnichannel customer.

Beyond saving time, mobile payments profoundly influence a retailer’s brand. Retailers that are slow to adopt cutting-edge technology risk being perceived as outdated and out of touch. This is a critical concern, especially considering the preferences of a new, younger generation of customers who favor contemporary technology and expect businesses to keep pace.

A unified commerce framework’s adaptable design forms a robust foundation for engaging with state-of-the-art mobile technologies. By extending digital wallet support to various payment providers, unified commerce ensures the fulfillment of essential payment needs and provides comprehensive support for seamless purchasing experiences. Consolidating data and processes affords retailers the visibility needed to gain deeper insights into customer-facing aspects of their business, enabling continuous improvement and effortless integration with modern mobile technologies.

Concluding Thoughts

“I misplaced the receipt but can quickly find it on my app.” This level of convenience is exemplified by industry leaders like Amazon, Alibaba, Starbucks, Macy’s, and Lowe’s. Retailers must shift their focus from just the product to the individual customer, continuously monitoring customer share-of-wallet and lifetime value, transcending omnichannel strategies to excel in the intense competition.

To achieve this, retailers should adopt an open, secure, and agile platform that amalgamates retailer and third-party data sources and deploys advanced technologies such as AI and ML. This approach offers unparalleled visibility into operations and invaluable shopper insights. Regardless of their purchasing intent, whether it’s finding the perfect gift, selecting the ideal outfit, shopping for groceries, or decorating their homes, consumers crave surprise and delight. They desire hyper-personalized experiences.

Notes

Global Online Sales Top $1.14T During 2022 Holiday Season, Salesforce Data Reveals

The post 3 Serendipitous Ways Unified Commerce Wows Shoppers with Hyper-Personalized Experiences – Retailers Have a Catch! appeared first on Indium.

The Internet of Things (IoT) is a network of linked devices that interact with one another to carry out specific functions. Everything from smart home appliances to industrial machinery may be part of this network. The IoT has the potential to revolutionize industries and open up new business opportunities by utilizing the power of big data. As with any new technology, there are substantial obstacles that need to be overcome.

One of the biggest opportunities that big data and the IoT present is the ability to make data-driven decisions in real-time. For example, in the manufacturing industry, sensors on machinery can provide real-time data on performance, allowing for predictive maintenance and reducing downtime. Similarly, in healthcare, IoT devices can monitor patients and provide data to healthcare professionals, allowing for more personalized care.

However, with the amount of data generated by the IoT, there are also significant challenges in terms of managing, processing, and analyzing this data. Traditional data management tools and techniques are often not sufficient to handle the sheer volume of data generated by the IoT. Additionally, there are concerns around data privacy and security, as the IoT often involves sensitive data being transmitted over networks.

Here are few insights from Gartner or Forrester

According to a Gartner report, the combination of big data and the IoT presents significant opportunities for businesses, particularly in areas such as supply chain management, predictive maintenance, and customer engagement. However, the report also highlights the challenges associated with managing and analyzing the large volume of data generated by the IoT, as well as the need for businesses to ensure data security and privacy.

Similarly, a Forrester report emphasizes the potential of the IoT and big data to drive digital transformation in various industries. The report notes that businesses that effectively leverage these technologies can gain a competitive advantage by improving operational efficiency, reducing costs, and delivering better customer experiences. However, the report also warns that businesses must address challenges such as data management and security to realize the full potential of the IoT and big data.

Here are a few challenges and opportunities we should be aware of.

Opportunities:

Real-time data-driven decisions: The ability to collect and analyze real-time data from IoT devices can enable businesses to make data-driven decisions quickly and efficiently.

Increased efficiency and productivity: By using IoT devices to monitor and optimize processes, businesses can increase efficiency and productivity, leading to cost savings and increased revenue.

Improved customer experience: The IoT can be used to collect data on customer behavior and preferences, allowing businesses to offer personalized experiences and improve customer satisfaction.

New revenue streams: The IoT can open up new revenue streams for businesses by enabling them to offer new products and services, such as subscription-based models or pay-per-use models.

Challenges:

Data management: The sheer volume of data generated by IoT devices can be overwhelming for businesses, and traditional data management techniques may not be sufficient to handle it.

Data security and privacy: The IoT involves the transmission of sensitive data over networks, raising concerns around data security and privacy.

Interoperability: As the IoT involves devices from different manufacturers, there can be challenges in ensuring that these devices can communicate and work together seamlessly.

Skill gaps: As the IoT is a relatively new technology, there may be skill gaps in the workforce, making it challenging for businesses to effectively leverage it.

Use Cases:

One use case for big data and the IoT is in the transportation industry. By using IoT devices to collect data on traffic patterns and road conditions, transportation companies can optimize routes and reduce congestion. In agriculture, IoT devices can monitor soil conditions and weather patterns to optimize crop yields. In the energy industry, IoT devices can monitor power usage and detect inefficiencies, leading to cost savings and reduced carbon emissions.

How Indium Software can address

Indium Software has extensive experience in developing and implementing solutions for big data and IoT use cases. For example, our team can develop customized algorithms and machine learning models to analyze IoT data and provide real-time insights. We can also help ensure data privacy and security by implementing robust encryption and access control measures. In addition, our team can develop and deploy custom dashboards and visualizations to make it easy for businesses to understand and act on IoT data.

Here are a few real-time scenarios that illustrate how the combination of big data and the IoT is being used to drive innovation and growth across various industries:

Smart Manufacturing: A manufacturing company has implemented an IoT system to monitor and optimize its production processes in real-time. The system collects data from sensors embedded in manufacturing equipment and uses big data analytics to identify patterns and optimize production. By leveraging this technology, the company has been able to reduce downtime, increase productivity, and improve product quality.

Predictive Maintenance: A transportation company has deployed IoT sensors on its fleet of vehicles to monitor their performance and detect potential maintenance issues before they become major problems. The system collects data on factors such as engine performance, fuel consumption, and tire pressure, and uses big data analytics to identify patterns and predict maintenance needs. By leveraging this technology, the company has been able to reduce maintenance costs, increase vehicle uptime, and improve customer satisfaction.

Smart Agriculture: A farming company has implemented an IoT system to monitor and optimize its crop production processes. The system collects data from sensors embedded in soil and crop fields, as well as weather data and other environmental factors, and uses big data analytics to identify patterns and optimize crop production. By leveraging this technology, the company has been able to increase crop yields, reduce water and fertilizer usage, and improve overall farm productivity.

Wrapping Up

The potential of big data and the IoT is enormous, and businesses that can effectively leverage these technologies will have a significant advantage in the marketplace. However, it is crucial to address the challenges associated with managing and analyzing the data generated by the IoT. Indium Software has the expertise and experience to help businesses overcome these challenges and unlock the full potential of big data and the IoT.

The post Big Data’s Impact on IoT: Opportunities and Challenges in Analytics appeared first on Indium.

Let’s look at a few reasons why modernizing a data warehouse is essential and highlight the benefits it brings.

Traditional data warehouses have served organizations well for many years. These systems typically involve batch processing, where data is extracted from various sources, transformed, and loaded into the warehouse periodically. While this approach has been effective for historical analysis and reporting, it falls short when it comes to real-time decision-making. With the rise of technologies like the Internet of Things (IoT), social media, and streaming data, organizations require access to up-to-the-minute insights to gain a competitive edge.

Why Modernize a Data Warehouse?

Modernizing a data warehouse is crucial for several reasons. First and foremost, it enables organizations to harness the power of real-time data. By integrating data from multiple sources in real-time, businesses can gain immediate visibility into their operations, customer behavior, market trends, and more. This empowers decision-makers to respond quickly to changing circumstances and make data-driven decisions that drive growth and efficiency.

Moreover, modernizing a data warehouse enhances scalability and agility. Traditional data warehouses often struggle to handle the increasing volumes and varieties of data generated today. However, by adopting modern technologies like cloud computing and distributed processing, organizations can scale their data warehousing infrastructure as needed, accommodating growing data volumes seamlessly. This flexibility allows businesses to adapt to evolving data requirements and stay ahead of the competition.

The Need for Modernizing a Data Warehouse

Evolving Business Landscape: The business landscape is experiencing a significant shift, with organizations relying more than ever on real-time insights for strategic decision-making. Modernizing your data warehouse enables you to harness the power of real-time data, empowering stakeholders with up-to-the-minute information and giving your business a competitive edge.

Enhanced Agility and Scalability: Traditional data warehouses often struggle to accommodate the growing volume, velocity, and variety of data. By modernizing, organizations can leverage scalable cloud-based solutions that offer unparalleled flexibility, allowing for the seamless integration of diverse data sources, accommodating fluctuations in demand, and enabling faster time-to-insight.

Accelerated Decision-Making: Making informed decisions swiftly can mean the difference between seizing opportunities and missing them. A modernized data warehouse empowers organizations with real-time analytics capabilities; enabling stakeholders to access and analyze data in near real-time. This empowers them to make quick decisions swiftly, leading to better outcomes and increased operational efficiency.

Benefits of Modernizing a Data Warehouse

Real-Time Decision-Making: Modernizing a data warehouse enables organizations to make timely decisions based on the most up-to-date information. For example, an e-commerce company can leverage real-time data on customer browsing behavior and purchasing patterns to personalize recommendations and optimize marketing campaigns in the moment.

Enhanced Customer Experience: By analyzing real-time data from various touchpoints, organizations can gain deeper insights into customer preferences and behaviors. This knowledge can drive personalized interactions, targeted promotions, and improved customer satisfaction. For instance, a retail chain can use real-time data to optimize inventory levels and ensure products are available when and where customers need them.

Operational Efficiency: Real-time data management allows organizations to monitor key performance indicators (KPIs) and operational metrics in real-time. This enables proactive decision-making, rapid issue identification, and effective resource allocation. For example, a logistics company can leverage real-time data to optimize route planning, reduce delivery times, and minimize fuel consumption.

Wrapping Up

Modernizing a data warehouse is no longer an option but a necessity in today’s data-driven landscape. By adopting real-time data management, organizations can unlock the power of timely insights, enabling faster and more informed decision-making. The benefits extend beyond operational efficiency to include improved customer experience, enhanced competitiveness, and the ability to seize new opportunities as they arise. As technology continues to advance, organizations must prioritize data warehouse modernization to stay agile, remain relevant, and  flourish in a world that is increasingly centered around data.

The post Driving Business Success with Real-Time Data: Modernizing Your Data Warehouse appeared first on Indium.