Merchants are reinventing their supply chains with upgrades that enable automated, real-time inventory visibility via IoT, such as RFID. This can boost inventory accuracy levels to as high as 95%. 73% of retailer’s rate managing Big Data as important or critical. Business Intelligence investments by 2021 include cameras and video analytics for operational purposes, loss prevention and inventory visibility elements enabled by operational technology, software analytics for loss prevention, price optimization, Big Data solutions for storing and analyzing IoT generated data, predictive analytics, cameras and video analytics for customer experience, visual analytics for making sense out of IoT data and cognitive computing to drive optimizations and insights. 58% of retailers surveyed are budgeting for Big Data solutions for storing and analyzing IoT generated data. Some of the top tech initiatives include market-basket analysis, customer segmentation and centralized customer data and intelligence. Around the globe, retailers are investing in IoT technologies to redefine their operations and the shopper experience. Merchants are reinventing their supply chains with upgrades that enable automated, real-time inventory visibility via IoT, such as RFID, which can boost inventory accuracy levels to as high as 95%. In North America, more retailers are investing in IoT technologies such as automated inventory verification and sensors on shelves. 79% plan to invest in automated inventory verification. In Latin America, the region is putting a big emphasis on technology to personalize and enhance the in-store experience. 85% plan to use technology to customize the store visit. Asia Pacific shopping to migrate from brick-and-mortar store to omnichannel. 79% plan to support buy online, and pickup at a third-party location. Retailers in Europe are investing in location technology. Today, 36% know when specific customers are in a store and that number is expected to grow exponentially over the next 5 years. 75% will soon know where specific customers are in their store.
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