Retailers have a great chance to provide customers with intuitive, tech-driven experiences. Software and digital investments can create solid growth foundations over time, as technology is becoming a competitive differentiator for retail firms. According to a McKinsey study, retailers with more advanced technological operating models typically beat those with more conventional methods.
However, rather than investing in tech for the sake of investing, according to experts, tech advancements should be used to ‘help better understand the customer, reduce cost to serve while maintaining and enhancing customer experience.’
Retailers are using edge computing to accomplish this. With the help of this technology, shop operations like click-and-collect and inventory tracking can be made simpler, freeing up retailers to concentrate on enhancing the customer experience and increasing sales. Retailers are better equipped to meet the demands of a dynamic and cutthroat market by having an effective and integrated IT infrastructure.
Modernising the retail experience
The area outside of a data centre or cloud where data is processed closest to its site of creation in order to produce value right away is known as the edge. A storefront, warehouse, pick-up locker, or any other location where products and services are handled at any given time might serve as a retailer’s edge. Its transformative potential has also arrived at a propitious moment, as shops grapple with issues including staff shortages, e-commerce rivalry, security, and customer engagement.
For retailers looking to stand out in a crowded market, the edge is already proving to be a valuable difference. Retailers currently have three main difficulties, and edge is assisting in addressing them.
Supercharging business intelligence
By utilising edge computing, retailers may gain a deeper understanding of customer behaviour and demands. E-commerce sites have historically benefited from the capacity to track product engagement, identify repeat customers, and obtain comprehensive insight into the path and decisions made by consumers. Brick-and-mortar stores can obtain similar insights using edge computing while also meeting local privacy and legal requirements.
Traffic counting has never been easy. The average number of transactions in a physical store is known to all retailers. However, the actual number of visits to that area will determine if that figure is too high, too low, or just perfect. Key indicators such as conversion rates, line lengths, and in-store heat mapping can greatly benefit from the insights produced by edge computing. Physical merchants have struggled to comprehend the additional level of granularity that comes with being able to study customer foot traffic and evaluate advanced shopper analytics on-premises.
Edge computing can help improve path monitoring and product engagement since it gives businesses information about the routes that people travel within the shop. Retailers can use this information to further improve their store layout and merchandising, which will ultimately enhance sales. Examples of these insights include where customers pause and what products they interact with before arriving at the register.
At last, enhancing loyalty detection. Why not bring the tailored experiences that retail customers have come to expect from internet retailers into real stores? The edge makes more advanced technology possible, which in turn provides consumers with more seamless and convenient physical experiences that promote repeat business and greater customer loyalty. Retailers can expedite the drive-thru experience by using licence plate tracking to advise a customer’s order based on previous transactions.
Refined onboarding and training programmes
Merchants face a difficult challenge when it comes to being overly dependent on the cloud, because physical storefronts are meant to function offline. The edge fills that gap by gathering information and facilitating intelligent automation precisely where the business requires it.
In the retail industry, high attrition and turnover rates are nothing new. While edge computing is still a relatively new technology in retail, it is making augmented reality (AR) training and onboarding more employee-facing.
Through the use of AR, frontline staff members can experience various training activities and scenarios, which helps them become more productive much more quickly. item fulfilment, for instance, is reducing the typical curbside pickup time by giving staff members more effective routes for item picking and pathfinding. Systems, even those that are new, can instruct employees precisely where to go thanks to the edge. Everything is sent in real-time, straight to their office gadget.
AI virtual assistants that aid employees with their daily chores are also supported by edge computing. This lowers training expenses and boosts customer satisfaction by enabling staff members to be more productive and efficient in addressing client enquiries and offering on-the-go coaching.
Proactive loss prevention
Although merchants must accept loss as a fact of business, edge computing enables them to better prepare for and reconsider their approach to asset protection.
Security and safety are two of the biggest issues affecting merchants’ net revenue. This includes anything from stealing and fraudulent online returns to cybersecurity vulnerabilities and employee safety. Edge technologies help with loss prevention by integrating data from several sources to guard against these threats. Stores can enhance security at checkout, for instance, by combining computer vision and point-of-sale data. Additionally, edge technology can identify trespassers in prohibited places at prohibited times.
Additionally, edge makes it possible for more advanced security features like facial recognition, which can forewarn employees when crooks are about to enter a store. Retailers lose £953 million annually to organised theft, making technology’s ability to improve security even more crucial. Employers can receive automated notifications when a sudden and unusual increase in the number of people entering a store or gathering in a certain area occurs by implementing edge computing. Alternatively, video can be given to supervisors alone for examination in the event that people are found in restricted areas, after which authorities can be notified. False alarms and related costs are thus restricted.
With the help of edge computing, retailers may rise above the competition. Retailers that leverage the power of edge can improve personnel management, digital experiences, security protocols, and real-time insights into customer behaviour. Those who successfully leverage technology to spur innovation and expansion will lead the retail industry in the future. To do this, a well-thought-out edge computing approach is required.
Edge computing in healthcare
Meanwhile, according to Jiang Li, founder and CEO of Vivalink, edge computing is shaping the future of wearable healthcare.
According to Li, owing to the intrinsic benefits of the technology, wearables have gained traction among researchers and providers, leading to an explosion of data relevant to health. Traditional cloud computing, on the other hand, finds it difficult to manage growing data volumes, which can lead to longer processing times and even data loss.
The secret to managing these massive amounts of data is edge computing. It ensures faster speeds and better data security by processing data at the source as opposed to transferring it to remote destinations. According to a recent MarketsandMarkets analysis, the healthcare industry’s income from edge computing was forecast to be $4.1 billion in 2022 and is expected to reach $12.9 billion by 2028.
With the increasing popularity of edge computing technology, it is critical to appropriately design workflows to maximise burden reduction and faster processing close to the data source, while also minimising latency and stress on the cloud. Some data at the edge, for instance, may be transferred in bulk or retroactively, negating the need for real-time processing, which is computationally and network-intensive. Other data may also be transferred to the cloud.
The evolution of edge computing in RPM
Large real-time data volumes are beyond the capabilities of traditional cloud computing methods. Restrictions in bandwidth might result in transmission delays of vital patient data, impeding timely diagnosis and treatment. Sensitive medical data stored on distant cloud servers may also raise data security issues. The benefits of edge computing are especially noticeable while analysing RPM data. Healthcare providers are able to act quickly by using quick analysis of vital patient data to make judgements. Edge computing reduces network congestion and speeds up data processing by processing data closer to its source. By keeping sensitive data closer to its source and lowering exposure to any security breaches, it also improves patient data privacy.