Brick and Mortar (B&M) Retailers like Macy's, Best Buy are struggling to compete with Online Retailers. B&M are nowadays becoming spot for just "SHOWROOM'ING" products. Customer go there to look-and-feel the product and but they buy online.
Research show that in more than 70% of transactions, consumers visit B&M stores look at the products and buy product online, thereby hurting sales for B&M very badly.
We are developing product that will provide In-Location targeted and time specific pricing and/ or coupons to captive consumer, while he/ she is standing in front of the department/ aisle/ product category.
Solution Description: -
1) We are using BLE technology based Beacons to divide the retail store into different departments or categories 2) Each Beacon will be unique and tied to particular category or set of items 3) This will be done by store associate based on our software
4) Based on GeoLocation, we will send consumer either proximity or welcome notifications 5) When consumer comes close to the department (or category), we will send him/ her In-Location targeted specific pricing for the items based on Big Data Analytics (Browsing history, Account information etc.) 6) Liquid Price deals will be specific to what consumer has been looking to purchase or likely to purchase and will time specific that will expire in less than 30 mins
7) Liquid Price will specifically be used for creating deals for aged inventory by B&M stores, before they B&M stores goto liquidators 8) Liquid Price will be used for in-store consumer tracking and further used for behavior analysis
Giving relevant deals to the captive audience right there in the store department will prevent B&M stores to lose sales to the online retailers.
We plan to take this forward, complete and implement the solution!