Retail future world from A to Z
Retail 3.0 – retail of the future is digital. Jointly with you, we want to shape the retail world of the future and stage shopping experiences for your customers. Because mobile couponing, NFC, RFID, beacons, and other topics are becoming increasingly important, we have compiled a glossary of terms that reflect the future of retailing. To establish intelligent connections between diverse channels, however, first and foremost silo IT structures have to broken down. implexis can help support your customers wherever they are.
A-F G-L M-R S-W X-Z
Augmented-RealityAugmented Reality (AR) means the computer-based reception in which the real and a virtual world merge. Based on the real-life environment, text information, images, and graphics are displayed on a tablet or smartphone in real time. In retail, AR is used in animations of products on display where constructed models are projected directly onto the product packings.
BeaconsBeacons are small sensors that can be integrated into store concepts quickly and easily. Using the Bluetooth Low Energy (BLE) transmission standard and a preinstalled mobile app (Apple, Android or Windows devices), beacons can connect with customers’ smartphones or tablets within a certain radius and, thus, can transmit push messages, for example, to promote retail offerings, for in-store navigation, and to convey product information.
Big Data means the analysis and evaluation of large volumes of complex and quickly changing data to optimize processes.
Customer ServiceCustomer service has evolved and today is offered at a much higher level. It includes supporting customers closely before, during, and after they purchased a product or service as well as responding to customers’ needs in a detailed manner, conducting targeted analyses, and developing solutions based on the results.
Digital SignageDigital signage refers to the dynamic and targeted placement of messages. The fields of application for these digital advertising and information systems include advertising networks in food retailing, product information in specialized stores, and screens at shopping malls or in store windows of local merchants. Points of Sale (PoSs) and Points of Interest (PoIs) are particularly well-suited for installing displays of diverse sizes.
E-CommerceE-commerce means commerce on the Internet, that is, electronic advertising, buying and selling with modern availability: 24/7, anywhere, conveniently on your own computer. Customer service and online banking are part of e-commerce. Advantages include flexibility regarding times and locations, purchases without delay, convenience, and quick home delivery.
Flexible end-to-end retail process chainsModern retailers must keep an eye on the entire chain of goods at all times, from ordering merchandise to storing and selling to after-sales service. Because of the increasing interaction between departments, flexible end-to-end retail process chains help you save time and money, fulfil your customers’ needs in a targeted manner, and make effective use of your staff.
Global end-to-end customer journeyThe term end-to-end customer journey refers to the interaction of customers with products, brands, or companies at diverse touch-points until they have completed a target action. Popular target actions include purchasing, ordering, and placing requests. Customers come in touch with a brand when they see classic advertising or through store design, sounds, or direct contact. All these touch-points contribute to shaping the way users experience brands emotionally. To win a consumer’s heart, the entire customer journey must be designed and captured in line with the needs, the sale, and the service.
Helping merchant portalMerchant portals are means for companies to provide their distributors with relevant information quickly and easily on their websites. To use these portals, merchants have to register. Services offered on merchant portals range from downloading images and brochures and managing promotion materials to providing online product training or industry tips.
Industry 4.0Industry 4.0 means the intelligent connection of product development, production, logistics, and customers using cutting-edge information and communications technology. The Internet is the crucial element of Industry 4.0 because it enables people, machines, and products to communicate and to be in perfect alignment with each other.
Junior GenerationFor the members of the junior generation, shopping no longer is enough. Rather, they seek adventures that appeal to all their senses and holistic shopping experiences. Stationary retail has to keep this development in mind to remain attractive for this target group. To do so, it needs smart store solutions.
Kinect PresenterUsing fascinating technology, the Kinect Presenter for Microsoft PowerPoint responds to speakers’ gestures, enabling them to control PowerPoint presentations flexibly through arm movements. Kinect technology also can be used to document customers’ behavior in stores: The data collected shows the routes customers take and can serve as the basis for planning advertising campaigns, placing products, and designing sales areas.
Latest future storeThe store of the future combines the advantages of stationary retail and online trade, turning shopping sprees into adventures. Throughout the store, digital displays offer the opportunity to view or order products. Touchpads provide complementary product information. Electronic price tags ensure that each item has identical prices online and offline. In the store of the future, customers purchase digitally and in real life at the same time.
Mobile POSMobile POSs (Points of Sale) are smartphones or tablets used as cash registers that make checking out much more flexible, location-independent, and mobile.
Near Field CommunicationNFC (Near Field Communication) is a wireless radio standard for short distances. Mobile phones with an integrated NFC chip enable customers to make cashless payments in stores. NFC also can be used for transmitting data among smartphones or tablets and turns mobile phones into tickets for events.
Omni channelOmni channel refers to shopping simultaneously in all available channels that merge thanks to state-of-the-art technology. Because customers no longer have to decide whether they want to go to a physical store or place their order online or purchase from a catalog, they can select the most convenient channel. They can make full use of digital technology and, at the same time, shop at a store, from a catalog, on the Internet, or using a mobile phone.
Pick-by-LightPick-by-Light is a method for receiptless picking where the operators use stationary lights controlled by the warehouse management computer to view current orders. Lights on the shelves indicate the location from which the item must be collected, and a display shows the quantity to be picked. Retrieval can be confirmed with the push of a button. Pick-by-Light also can be deployed in stores: Using light signals, customers are steered quickly and easily to the shelves containing the desired items.
QR codeQR stands for Quick Response. Thus, QR codes respond quickly. After being scanned, they provide users with additional information. QR codes are used increasingly for mobile marketing purposes. Using an integrated QR code reader, smartphones decode the codes of offline media, then usually direct the user to a landing page or microsite. The advantage of QR codes is that they are time-efficient because they make entering URLs manually obsolete.
RFIDRFID stands for Radio-Frequency Identification, that is, contactless transmission of data using electromagnetic waves. The heart and brain of this technology is the RFID transponder, a thin label containing a programmable chip attached to a miniature antenna. The Electronic Product Code (EPC) is saved on this chip. RFID transponders can be detected by readers without visual contact being required. In the retail sector, transportation and product packings as well as sales units or products can be equipped with RFID transponders. Readers are included, for example, in RFID portals at the entrance and exits of stores and warehouses to ensure that incoming and outgoing goods no longer have to be scanned individually. In addition, readers can be integrated into store shelves to make managing inventory significantly easier. RFID delivers essential momentum for optimizing the chain of processes, offering a viable alternative to barcodes.
Streaming analyticsStreaming analytics is a module for processing events in real time that can be used for data analyses. It facilitates analytical calculations of data flows in real time, for example, on devices, sensors, websites, or in social media.
TrackingIn retail, the term tracking is used for documenting user behavior, that is, customers’ routes in a store or on the Internet. Using the data collected, merchants can track customers’ routes and identify the items in which they are interested.
Unique Selling PropositionA Unique Selling Proposition (USP) is an identifier with which a product differentiates itself from all other or similar products. Most consumers prefer merchants who emphasize the unique benefits of their products. The flexible IT solutions developed by implexis enable companies to respond more quickly to changes and keep their competitive edge and, thus, to increase and strengthen their USP.
Virtual worldsThe term virtual worlds refers to computer-generated worlds into which the viewers can dive and with which they can interact. Simulating diverse elements of the real world, virtual worlds bear great potential for the retail industry. Customers can try on apparel in virtual fitting rooms based on Software as a Service. These fittings rooms can be integrated easily into any web shop and customers no longer have to order several sizes. In addition, Microsoft’s new head-up display HoloLens lets consumers dive into new worlds: The lens projects content and virtual objects three-dimensionally, converting bare walls into flat screens.
Window shoppingIn an analog world, the term window shopping refers to potential customers strolling around city center, admiring the merchandise on display. implexis’ IT solutions provide merchants with a whole new range of opportunities. Modern window shopping solutions can turn screens in store windows into interactive displays. Customers can control these screens easily via their smartphone and order the products online which are offered in the store, including outside of business hours or when the store does not have the customer’s requested size in stock.
X reportsDifferent cash registers can print different reports. X reports are purely informative interim reports about the most recent transactions. Thus, they can be printed by a cash register as often as needed without deleting any existing figures. Z reports, in turn, are used to obtain daily and/or monthly figures and can be carried out only once because figures are deleted from the system every time a report is created.
Zestfully centralised price rolloutsCentralized price rollouts are used to standardize the prices of products offered by a store, online, and in all other channels to make them identical. As the name suggests, these rollouts are defined centrally and can be modified in a single step. These modifications become increasingly important because the Internet sets the pace and prices need to be adjusted on a daily basis. Also referred to as electronic (or digital) price tags, ESL technology helps display updated prices in stationary retail as well. It makes manual pricing in stores obsolete. ESL can be used to show prices and product information to customers within seconds with the push of a button, saving the merchant a great deal of time.
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