For Brick and Mortar stores to bridge the gap and stay competitive embracing the Internet of Things Technolgy is important where they can provide personalized services based on consumer behavior .
Bezirk – A Startup from Bosch is based out of Bosch US as Bezirk – North America (Responsible for Technology Platform) and Bezirk – India (Responsible for Business, Product Roadmap and Customer Application Development)
The Business team and incidentally the Founding members of Bezirk India, Pavan Govindan and Ragavendra Prabhakar lay out the strategy with the Founder & Business Head of Bezirk – Hemanth Sheelvant on scaling the business in a market they believe they have to address to bridge the gap between Brick and Mortar Store and Online Retail.
They are enabled to do this by the global management of Bosch – including the heads of Bosch Engineering in India and Bosch in US.
Targeted advertising is entering into a different dimension moving ahead from where consumer is being lured by the advertisements got by his browsing pattern online alone. The brick and mortar stores which were little quiet till recently have already latched onto the secret of success in future – Technology and IOT .
Holistic understanding of consumer by going beyond consumer data and protecting user privacy would be the future.
The IOT technology can help in improving the basket value for retailers by fusing the traditional marketing concepts like Upsell, Downsell and Crossell with real time consumer insights.
This gives the brick and mortar stores a level playing field with online retail in terms of personalized customer engagement.
Low deployment and Infrastructure cost is another aspect that would become a factor for such solution .
Having a solution that does not require a Cloud Infrastructure nor any big data analytics to enable its personalization helps differentiate .
Smart Retail for a Smart Consumer –Enabling Context aware personalization with data in your control will be the future.
From Retail , Mobility to Travel and Hospitality – everything can be made smarter with an ecosystem awareness of cross domain lifestyle .
Personalized ads which becomes part of the life of a consumer based on preferences generated through purchase patterns ,Product affinity etc would be the way forward.
There should not be specific distinction between developing and developed market for them to enable this technology and they see India and Asian market as important as the developed Markets of US and Europe.
The interlinking of the Physical and Digital World is the key in this era of Digital dominance and enabling partner eco –system is the key to achieve this in a full scale.