Mobile phones have already reshaped online shopping, and the physical retail store may be next. Bluetooth Low Energy (BLE), otherwise known as Beacons, is being introduced to hundreds of retail locations to track every move and contemplation of shoppers. After Apple's incorporation of the iBeacon with the iPhone 5S, the technology is set to attract increased interest from retail brands hoping to drive profits from brick-and-mortar stores.
Retail shopping experiences in general are ripe for a shakeup. Technology companies have begun to emerge that specialize specifically in the area of in-store technology for tracking mobile device signals. Euclid Analytics is such a firm. Its software system allows retailers to analyze shopping patterns from foot traffic to gender breakdowns of shoppers and even ideal placement of product displays.
Founder and CEO, Will Smith, explains that Euclid Analytics is, "trying to do for retailers what Google and Amazon have done online forever, improve the shopping experience through data." In upcoming years it is likely that such technology will be implemented on a wider basis. What is still up in the air, however, is how such tools will generate ROI for brands while preserving the privacy and security of customers.
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Interesting article. Mobile is playing a major role in providing better shopping experience to customers.Retailers can do well in leveraging technology to provide the customers more options when it comes to in store buying. I work for McGladrey and thought this conversation aligns well with a white paper that was created on this subject, if your readers are interested in it.@ " The one constant in retail is change” https://bitly.com/1hrViqk
Privacy is certainly a big concern of consumers when it comes to in-store tracking. I think retailers and in-store analytics vendors really have to invest in educating consumers about the benefits of the technology. Empowering consumers to take control of their data helps a lot, too. For instance, I know that Euclid has a special page on its site that lets people delete their phone's MAC address from Euclid's database.
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