Optimizing supply chains and enhancing customer experience
The Challenge
The Industrial Internet of Things (IIoT) is ramping up in almost every area of retail. As the cost of sensors, chipsets, RFID tags and other ‘smart’ tech equipment become commodities, adoption rates are increasing exponentially. Recent market analysis points to a 19.6% compound annual growth rate between now and 2025 of the IoT retail market.1
Cost is only one factor in smart retail’s stellar growth. Customer's expectations are also driving change. People expect a seamless shopping experience, whether they buy in-store or shop online. Having real-time data about consumer habits and choices allows retailers to better tailor their offerings to individual preferences, boosting customer satisfaction and growing sales.
Smart retail is growing quickly. Whether it is streamlining back-office functions or optimizing the consumer experience, huge optimizations are realized every day. Linking back-office functions with shop-floor operations, analysing competitive pricing and the power of customer recommendations – Big Data in smart retail is here to stay.
The Solution
CrateDB comes into play when retailers are looking to rapidly scale their data collection and analytic capabilities. Unlike traditional database providers, which typically rely on vertically stacked logics, CrateDB collects and merges data horizontally – allowing for far greater elasticity, flexibility and scalability.
Data enables retailers to:
- Drive sales by identifying the most relevant price and promotional content to offer to each customer
- Optimize delivery routes and schedules to maximize efficiency while meeting customer requirements
- Improve demand forecast accuracy by updating forecasts with new data as it comes in
1 Markets and Markets. 2020. Internet of Things in Retail Market.
