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Beacon Technology Gains Momentum As Retailers Look To Drive Customer Engagement, Revenue

02 Jul 2014

Beacon Technology Gains Momentum As Retailers Look To Drive Customer Engagement, Revenue

Just this past week I had a chance to review Boston Retail Partner’s (BRP) 15th Annual POS/Customer Engagement Benchmarking Survey Report. I look forward to this report ever year, because it always provides great insight into the current state of next gen POS technology implementations. This edition, in particular, uncovered some surprising data that shows a number of retailers are still struggling with the ability to identify customers at the POS.

Part and parcel to providing customers with an engaging, personalized experience is being able to recognize them when they enter your store. However, according to the report, 27% of respondents are still unable to identify their customers at the POS, and, therefore, are missing out on a huge opportunity to gather shopping and purchasing data that helps drive customer engagement.

One way we’re helping our customers capitalize on this missed opportunity is through the implementation of indoor location technologies, also known as “beacons.” Apple’s iBeacon or Qualcomm’s Gimbal Proximity Beacons, in particular, provide retailers with shopper data that enables them to deliver personalized offers, coupons, advertisements and product info, in order to drive revenue. What’s more, since the price points are relatively low for beacon technologies (Gimbal Proximity Beacons are available for as little as $10 to $20 per beacon when purchased in bulk) the ROI can be quickly justified.

In addition, new data uncovered from ABI Research, suggest that indoor location technologies might reach a tipping point this year. According to the latest edition of their quarterly Market Data “Location Technologies,” the number of installations could break 30,000 in 2014 as early adopters enter the final year of the three-year technology adoption cycle -- shifting from trials to full-scale deployments.

So, we want to know: is your business utilizing beacon technology? Join our LinkedIn group to share your ideas or chat with other industry experts about what it takes to be a Level 10 in the retail IT industry! We’re always online, so if you’d rather just stay up-to-date on the latest developments in retail/hospitality technology, you can always connect with us on Facebook.