Tata Consultancy Services, a global company that provides IT, consulting and business solutions, has unveiled a new Internet of Things (IoT) software for retailers.
Called ‘TCS Customer Intelligence and Insights”, it provides brick-and-mortar retailers with a way to leverage the potential of in-store sensors and other connected technologies.
The firm wants retailers to utilise the data that comes from these devices so they can deepen their relationships with customers and offer them more personalised services.
Tata hopes to boost customer loyalty
Available as a service from the IT firm now, the software helps established retailers compete for the loyalty and support of their customers and stakeholders in an interconnected world.
It uses a variety of technologies, including proprietary machine learning, statistical algorithms, and demographic, social media, psychographic, customer transaction and loyalty data.
Customers can often feel alienated when they’re bombarded with irrelevant and untimely offers, which comes down to a lack of insight on the retailer’s behalf. This new service, Tata Services says, will change things for the better.
Capitalising on context
Retailers will be able to “build trusted consumer relationships” by providing them with contextual offers and experiences, driven by online data sources.
For example, if a running enthusiast has been looking at fitness trackers on a retailer’s website and enters their store, they’ll be greeted by a member of staff to show them a selection of wearable devices.
If the individual purchases an item, their relationship with the store will continue. They’ll be sent regular deals on fitness tech, invitations to running events and opportunities for discounted race entries.
IoT is a beacon of hope
Seeta Hariharan, general manager and group head of TCS Digital Software & Solutions, said: “The Internet of Things is further blurring the line between traditional and online retailing, forcing marketers to reconstruct the customer’s journey with their brands across both physical and virtual worlds.
“Retailers are moving from hit-or-miss marketing to highly relevant, timely interactions delivered in the right context. Their goal is creating binding emotional connections at every touch point with consumers to withstand the lure of discounting.”
Retailers must adopt IoT
Leslie Hand, VP of IDC Retail Insights, said: “Consumers buy through multiple channels, but online shopping has made them expect all retailers to understand them better.
“This puts pressure on brick-and-mortar retailers to transform how they market to consumers across their converging physical and digital worlds.
“By 2018, retail laggards who haven’t transformed how they use data from the Internet of Things and other real world sources to engage with customers will be closing ten times more stores than their peers to stay in business.”