The evolution of technology has resulted in a profound shift in the retail industry. This innovative retail model capitalizes on technology, such as Smart mirrors, Smart carts, Smart shelves, Mobile POS, Mobile Self-Billing, and Real-time inventory to offer customers a convenient, personalized shopping experience.
1) Mobile Point-of-Sale platform have revolutionized cashless transactions, evolving them from mere exchanges of money and products into points of personalized customer engagement. A mPOS in smart store retailing increases a store's ability to carry out transactions at multiple points, from one corner of the store to another or even at pop-up shops. No longer tied to a specific cash register location, court a customer, sells them on an item, and finalize the sale all in one seamless process. mPOS offers more than just transaction processing capabilities, also assist with inventory management and sales reporting, providing a comprehensive tool for successful store management.
2) With the help of Mobile Self-Billing platform, customers can navigate their shopping journey right at their fingertips. Harnessing the power of the self-service model, shoppers can use the app to scan goods, maintaining control of their shopping pace. mPOB displays important details about the scanned goods, like price, expiration date, and more. If customers decide to buy the items, they add them to their cart, pay and avoid the dreaded queue. A digital invoice gets generated immediately upon successful payment, detailing the purchased items.
3) With the integration of Virtual Reality (VR) or Augmented Reality (AR) technology, a Smart Mirror enables customers to have a virtual fitting experience, experimenting with different clothing types, styles, and sizes.
4) Smart Cart provides a comprehensive, contactless shopping solution by adopting sophisticated technologies such as built-in scales, cameras, AI, and image analysis. It diligently keeps a record of customers' purchases & offer intelligent item suggestions, for instance, recommending the purchase of cream while shopping for coffee. It allows customers to pay for bill directly from the cart itself, enhancing the checkout speed and minimizing interaction with store staff.
5) Through real-time inventory management, retailers can actively control their supply chains and cut down on needless expenses. Utilizing technologies like barcodes, RFID tags, IoT gadgets, inventory management, and QR codes not only facilitates an efficient inventory management but also lowers the chances of customers encountering the dreaded "out of stock" notification.
Retailers can utilize technologies like Artificial Intelligence (AI), Robotics, Internet of Things (IoT), and Virtual and Augmented Reality (VR and AR) to customize shopping experiences, reduce friction, enable contactless transactions, and foster social engagement.