Connected devices and systems are not only enhancing consumers’ experience but also dramatically reshaping entire retail industry. Retail industry requires high advanced and smart systems to meet rising customers’ expectation and current market needs. With the augmentation of more intelligence and wireless connectivity to the systems, it produces enormous amounts of data that is leveraged to improve retail operations, thereby offering better service to their customers. Automated devices such as vending machines, Point-of-Sale (POS), interactive kiosk and many more are used for providing better results, high quality services and fast processing facilities to the customers.
Adoption of Connected device coupled with improved and latest technology platforms will only escalate the rapid growth of IoT-enabled capabilities across retail industry. IoT serves retailers in there vital areas: customer experience, supply chain and new channels. Hence, retailers are implementing intelligent and connected devices to develop new opportunities by creating digital ecosystems. Retail stores are witnessing significant installations of self-service kiosks for displaying product or service information to the customers enhancing their level of advertisement. Similarly, E-payment kiosks are highly adopted in location including department stores, grocery stores, big box specialty retailers and other convenience stores for onsite payments. Retail kiosk offers various services to the customers which includes non-stock product ordering, way-finding directories, product lookup, company information and targeted offers. These offerings increase new channels for retailers to grow their business. Based on various case studies, it can be said that around 7% increment in sales is observed when kiosks/vending machines are installed in the stores.
Wendy’s is considered to be the third largest burger chain after McDonald’s and Burger King. According to recent news, fast-food giant Wendy’s will be increasing the number of self-ordering kiosks in 1,000 stores by the end of 2017. This change is majorly done owing to high demand of latest technology from both costumers and franchise owners. According to the company, these kiosks will improve their automation as well as reduce labor costs.
IndustryARC is a global market research and business consulting firm based out of India. We have research centers across Asia and Europe with consultants experienced in the following verticals – Agriculture, Automotive, Chemicals and Materials, Energy and Power, Food and Beverages, ICT, Electronics, Life sciences and Healthcare, Automation and Instrumentation.
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