AMIDST CHALLENGES COMES A NEED FOR EVOLUTION
Despite these challenges, retailers must evolve because:
*click here for source
The COVID-19 pandemic accelerated the growth of online shopping by four to six years, according to Adobe Analytics. COVID-19 will have a lasting impact on the industry, if for no other reason than this.*
COVID-19 has changed the face of retail
1
These days, retail is about the shopping experience. A better shopping experience necessitates insights into which products to have available, where, and in what channel.
The need to understand customers is more important than ever
3
Only by implementing tightly integrated digital and non-digital strategies will retailers be able to maintain or sharpen their competitive edge.
Unified commerce will differentiate retail winners from retail losers
2
AI-powered technology tools leverage algorithms to turn data, including real-time data, into actionable predictive and prescriptive insights. And more than ever, today’s retailers need an intelligent operating platform that unifies and correlates structured and unstructured data from disparate sources, producing even deeper insights. Such a platform allows models to be trained across enterprise data to sensor- and device-level.
An intelligent retail operating platform is the key enabler of retail evolution
5
For retailers, pressure to keep up with changing consumer preferences has forged a need to take steps like introducing “store-within-a-store,” small-format, and experiential retail operations. It has also made it important for retailers to make other moves, such as creating designated “dark stores” for online order fulfillment and prioritizing safe, speedy checkout. Offering fulfillment options such as curbside pickup and “buy online, pick up in-store” (BOPIS) has become essential as well.
New store formats and models are emerging and taking hold
4
of consumers will continue with curbside pickup even when the COVID-19 pandemic is over, according to CommerceHub.
59
59
%
%
BIG INVESTMENTS, CONSIDERABLE CHALLENGES
Retailer investment in AI has been substantial, but returns have been mixed in the face of multiple challenges.
Despite the COVID-19 pandemic,
of retailers and other companies surveyed by Gartner have opted not to reduce their AI expenditures.
47%
plan to bolster their AI investments going forward.*
*click here for source
30%
*click here for source
by 2022, up from an estimated
$2 billion in 2018.*
$7.3 billion
$2 billion
Juniper Research pegs annual global retail spending on AI at
Spending on the rise
*click here for source
According to Fortune Business Insights, the AI in retail market size will increase from
$3.01 billion
in 2019 to $23.32 billion by 2027.*
Lack of backup:
Many retailers lack a platform for consuming the wealth of data they collect. They also don’t have a supplier behind the scenes to constantly update, evolve, and enhance AI models for more precise, more actionable insights. Both of these are essential to success.
combination conundrum:
Combining and correlating structured and unstructured data — another “must-do” for any retailer that embarks on the AI path — is equally difficult, if not impossible.
Data structure snafus:
Many retailers currently cannot make sense of their structured data. Add unstructured, but necessary data to the mix — for example, data captured by video cameras — and more confusion follows.
Retailers lack the time and/or ability to address huge volumes of data without help. They also have difficulty understanding it.
Time crunch:
While headlines focus on and tout AI, many retailers struggle with operationalizing AI and AI-powered technology within their organizations. They also have difficulty demonstrating AI’s value and the ROI it provides. Moving beyond these challenges means addressing these common issues:
The struggle is real
WHY AI IN RETAIL IS A BRIGHT MOVE
Retailers are collecting vast amounts of data about their customers, their inventory, and their stores. AI is one of the most effective ways to address this large volume of data, applying it to make actionable decisions and devising strategies that improve business outcomes.
Better business outcomes
Insights gleaned from AI allow retailers to optimize the customer experience and the supply chain.
Enabling optimization
79% percent of companies queried for McKinsey & Company’s State of AI in 2020 Report said AI had bolstered their sales and marketing over the past year. 65% cited increased revenues from product and service developments supported by AI.*
Increased sales and revenues
*click here for source
Sensormatic Solutions has been a retail technology leader for more than 50 years, first bringing to market innovative hardware and now continuing its product success with a move into software-as-a-service. This step enables Sensormatic Solutions to provide retailers with a wealth of critical insights throughout the entire value chain. This in turn helps retailers to transform their operations and remain relevant.
Forging ahead on a digital transformation journey
In keeping with its evolution, Sensormatic Solutions has introduced Sensormatic IQ, a connected, intelligent operating platform that:
Allows retailers to benefit from Sensormatic Solutions' expertise in retail and technology alike. This makes it easier for them to operationalize AI and reap the full value of implementation.
Is open, secure, and agile. The platform fulfills retailers' needs no matter where they happen to be in their digital transformation journey.
Helps retailers understand and respond to the flow of structured and unstructured data collected from disparate sources and points along the customer journey and supply chain. The end-result: A more efficient supply chain, more knowledgeable, focused employees and a shopping experience that keeps customers coming back.
Connects the company’s current solutions, retailer solutions, and third-party solutions into a single platform. The platform gives retailers tailored, unparalleled visibility into operations and shopper behavior, paving the way for seamless, next-level customer experiences.
Retailers have always been compelled to evolve — and continue to be so. The same is true of Sensormatic Solutions.
BUILDING AN INTELLIGENT OPERATING PLATFORM
SAVVY RETAILERS KNOW THE VALUE OF PARTNERSHIP TO TRULY MAXIMIZE THE VALUE OF AI
Retailers understand the ins and outs of their business and how to deliver the optimal shopper experience through increased customer engagement, having the right product in the right place at the right time, employee empowerment, and more. But navigating a changing retail landscape requires finding a partner that also knows retail and has the knowledge and the technology platform to help retailers successfully move forward with and fully benefit from their AI investment. That partner is Sensormatic Solutions, and that platform is Sensormatic IQ.
Click here to learn more
back to top
Getting Smart About Artificial Intelligence:
Harnessing the Power of an Intelligent Retail Operating Platform
Artificial intelligence (AI) has been heralded as the real deal in retail for several years now. Media coverage portrays it as the key to positioning retailers of all types for success in an increasingly competitive business environment. For example, AI is credited with giving retailers insight into what customers will buy before customers themselves know which items they will purchase. AI has also been touted as critical to alerting retailers to potential increased demand for specific merchandise in ample time to address shortages.
But implementing AI and getting it right is a complicated process. So, retailers that are confused about how to move forward with AI are hardly alone.
LEARn MORE
Getting Smart About Artificial Intelligence:
Harnessing the Power of an Intelligent Retail Operating Platform
AMIDST CHALLENGES COMES A NEED FOR EVOLUTION
Despite these challenges, retailers must evolve because:
*click here for source
The COVID-19 pandemic accelerated the growth of online shopping by four to six years, according to Adobe Analytics. COVID-19 will have a lasting impact on the industry, if for no other reason than this.*
COVID-19 has changed the face of retail
1
These days, retail is about the shopping experience. A better shopping experience necessitates insights into which products to have available, where, and in what channel.
The need to understand customers is more important than ever
3
Only by implementing tightly integrated digital and non-digital strategies will retailers be able to maintain or sharpen their competitive edge.
Unified commerce will differentiate retail winners from retail losers
2
AI-powered technology tools leverage algorithms to turn data, including real-time data, into actionable predictive and prescriptive insights. And more than ever, today’s retailers need an intelligent operating platform that unifies and correlates structured and unstructured data from disparate sources, producing even deeper insights. Such a platform allows models to be trained across enterprise data to sensor- and device-level.
An intelligent retail operating platform is the key enabler of retail evolution
5
For retailers, pressure to keep up with changing consumer preferences has forged a need to take steps like introducing “store-within-a-store,” small-format, and experiential retail operations. It has also made it important for retailers to make other moves, such as creating designated “dark stores” for online order fulfillment and prioritizing safe, speedy checkout. Offering fulfillment options such as curbside pickup and “buy online, pick up in-store” (BOPIS) has become essential as well.
New store formats and models are emerging and taking hold
4
of consumers will continue with curbside pickup even when the COVID-19 pandemic is over, according to CommerceHub.
59
59
%
%
BIG INVESTMENTS, CONSIDERABLE CHALLENGES
Retailer investment in AI has been substantial, but returns have been mixed in the face of multiple challenges.
Despite the COVID-19 pandemic,
of retailers and other companies surveyed by Gartner have opted not to reduce their AI expenditures.
47%
plan to bolster their AI investments going forward.*
*click here for source
30%
*click here for source
by 2022, up from an estimated
$2 billion in 2018.*
$7.3 billion
$2 billion
Juniper Research pegs annual global retail spending on AI at
Spending on the rise
*click here for source
According to Fortune Business Insights, the AI in retail market size will increase from
$3.01 billion
in 2019 to $23.32 billion by 2027.*
Lack of backup:
Many retailers lack a platform for consuming the wealth of data they collect. They also don’t have a supplier behind the scenes to constantly update, evolve, and enhance AI models for more precise, more actionable insights. Both of these are essential to success.
combination conundrum:
Combining and correlating structured and unstructured data — another “must-do” for any retailer that embarks on the AI path — is equally difficult, if not impossible.
Data structure snafus:
Many retailers currently cannot make sense of their structured data. Add unstructured, but necessary data to the mix — for example, data captured by video cameras — and more confusion follows.
Retailers lack the time and/or ability to address huge volumes of data without help. They also have difficulty understanding it.
Time crunch:
While headlines focus on and tout AI, many retailers struggle with operationalizing AI and AI-powered technology within their organizations. They also have difficulty demonstrating AI’s value and the ROI it provides. Moving beyond these challenges means addressing these common issues:
The struggle is real
WHY AI IN RETAIL IS A BRIGHT MOVE
Retailers are collecting vast amounts of data about their customers, their inventory, and their stores. AI is one of the most effective ways to address this large volume of data, applying it to make actionable decisions and devising strategies that improve business outcomes.
Better business outcomes
Insights gleaned from AI allow retailers to optimize the customer experience and the supply chain.
Enabling optimization
79% percent of companies queried for McKinsey & Company’s State of AI in 2020 Report said AI had bolstered their sales and marketing over the past year. 65% cited increased revenues from product and service developments supported by AI.*
Increased sales and revenues
*click here for source
Sensormatic Solutions has been a retail technology leader for more than 50 years, first bringing to market innovative hardware and now continuing its product success with a move into software-as-a-service. This step enables Sensormatic Solutions to provide retailers with a wealth of critical insights throughout the entire value chain. This in turn helps retailers to transform their operations and remain relevant.
Forging ahead on a digital transformation journey
In keeping with its evolution, Sensormatic Solutions has introduced Sensormatic IQ, a connected, intelligent operating platform that:
Allows retailers to benefit from Sensormatic Solutions' expertise in retail and technology alike. This makes it easier for them to operationalize AI and reap the full value of implementation.
Is open, secure, and agile. The platform fulfills retailers' needs no matter where they happen to be in their digital transformation journey.
Helps retailers understand and respond to the flow of structured and unstructured data collected from disparate sources and points along the customer journey and supply chain. The end-result: A more efficient supply chain, more knowledgeable, focused employees and a shopping experience that keeps customers coming back.
Connects the company's current solutions, retailer solutions, and third-party solutions into a single platform. The platform gives retailers tailored, unparalleled visibility into operations and shopper behavior, paving the way for seamless, next-level customer experiences.
Retailers have always been compelled to evolve — and continue to be so. The same is true of Sensormatic Solutions.
BUILDING AN INTELLIGENT OPERATING PLATFORM
SAVVY RETAILERS KNOW THE VALUE OF PARTNERSHIP TO TRULY MAXIMIZE THE VALUE OF AI
Retailers understand the ins and outs of their business and how to deliver the optimal shopper experience through increased customer engagement, having the right product in the right place at the right time, employee empowerment, and more. But navigating a changing retail landscape requires finding a partner that also knows retail and has the knowledge and the technology platform to help retailers successfully move forward with and fully benefit from their AI investment. That partner is Sensormatic Solutions, and that platform is Sensormatic IQ.
Click here to learn more
back to top
Artificial intelligence (AI) has been heralded as the real deal in retail for several years now. Media coverage portrays it as the key to positioning retailers of all types for success in an increasingly competitive business environment. For example, AI is credited with giving retailers insight into what customers will buy before customers themselves know which items they will purchase. AI has also been touted as critical to alerting retailers to potential increased demand for specific merchandise in ample time to address shortages.
But implementing AI and getting it right is a complicated process. So, retailers that are confused about how to move forward with AI are hardly alone.
LEARn MORE