Frequently Asked Questions
Retail technology encompasses digital systems, solutions, and innovations used in physical retail locations and online platforms for both customer-facing and operational efficiency. It forms the backbone of retail digital transformation.
Modern retailers deliver quality customer experiences using a variety and range of technologies, including sophisticated point of sale (POS) systems that compile purchase data, customer history, and inventory movement. Additional technologies include digital signage, self-service kiosks, and analytics to provide personalized recommendations based on prior behaviors. Automated checkouts have become mainstream with touchless self-checkout options that use computer vision. Smart shelves power real-time inventory validation while robotics handle warehouse tasks. Essentially, retailers depend on retail technology to deliver enhanced customer experiences and smarter operations.
Intelligent retail technology delivers enhanced customer experiences through predictive analytics to understand customer preferences and behaviors and artificial intelligence to tailor customer journeys. Further, intelligent retail technology supports retailers in monitoring stock par levels to avoid having too much, or too little, product on hand.
Edge computing-enabled Internet of Things (IoT) technologies and solutions for retail, including sensors, kiosks, POS systems, and other internet-connected devices, allow businesses to collect, analyze, and act on data in near-real time. When integrated with other business systems and supported by modernized network infrastructure, data from IoT devices can be used by retailers to provide personalized, safer shopping experiences and improve inventory accuracy and operational efficiency, all key to delivering frictionless omnichannel consumer experiences. For example, IoT in retail means a customer can scan a store window with their phone to learn about a product or price, a sales associate can access the store’s inventory via a tablet, or an enabled inventory tag can be read by a smart watch.
Product and Performance Information
“The New Normal Consumer: How the Pandemic Changed Consumers for Good.” IHL Group, sponsored by Intel, 2022. https://www.intel.com/content/www/us/en/retail/resources/ihl-new-normal-consumer-report.html.
“Nearly 90% of Retail Sales in 2021 to Go through Local Stores According to New Research.” IHL Group, January 12, 2021. https://www.ihlservices.com/news/analyst-corner/2021/01/nearly-90-of-retail-sales-in-2021-to-go-through-local-stores-according-to-new-research/.