Do you notice how technological trends like blockchain, machine learning, and IoT are on everyone's lips? The aforesaid seems to be directly associated with the future; thus, how can traditional businesses make sure they don't get left behind as the likes of Amazon transform themselves into an omni-channel shopping experience?
One of the primary reasons online retail is winning today is the ability of online ecommerce retailers to identify their customers in real-time and offer personalized, custom shopping experiences in the form of discounts, shopping recommendations and offers. Online portals identify customers using their registration data, browser-based cookies, as well as ad networks that have emerged, which help in seamless tracking and sharing of this customer data across websites and apps within fractions of a second in exchange for advertising fees. This is how you see an Amazon product ad on your Facebook page literally seconds after you visited the same product page moments ago on Amazon.
An age-old problem that has plagued brick-and-mortar retail over centuries is companies' inability to identify anyone who is in their retail store. As a result, retailers can neither offer any personalized services, product recommendations or targeted offers to their customers. When customers don't feel special for their loyalty towards a brand or store, it's easy for them to get swayed by competition, or worse, online options. Nucleus Vision, an IoT & Blockchain based technology enterprise, was built to solve that.
Unlocking New Potential for Brick-and-Mortar
The team at Nucleus Vision has spent the last three years building it's proprietary IoT sensor technology that can identify any person within a 200 meter radius of it's IoT sensor. Its technology does not depend on any RFID, Wi-Fi, Bluetooth, or even facial recognition technologies to operate. Nucleus's sensors are able to detect mobile phones as they pass through storefronts and any other location where a sensor is set up, enabling its partners to detect visitor mobile phones using mobile ID privately over blockchain to help retail stores securely identify customers as they walk in.
The goal of the company is simple: give brick-and-mortar businesses the ability to level the playing field with e-commerce retailers by providing them with the digital customer intelligence they lack thus far.
Nucleus's sensors operate as a plug and play module that seamlessly integrates with existing systems to create an omnichannel retail experience for in-store shoppers. By equipping stores with its proprietary sensors, Nucleus gives retailers the ability to identify the customers who walk into their stores, in real-time, enabling them to offer personalized recommendations and incentives to increase their in-store conversion rate. The blockchain based solution gives the complete power and control of the experience to the customers themselves, allowing them to choose whether or not to share their data with the retail store (via Nucleus), and retailers incentivize customers to share their shopping preference data by remunerating them with nCash tokens, Nucleus Vision's own cryptocurrency. Customers who enter Nucleus powered stores can earn Nucleus's nCash tokens each time they visit and can redeem them for discounts in any Nucleus powered store.
Nucleus Vision's technology is already live in 10 retail stores, and so far more than 53,000 unique customers have been identified, and over 75% of those customers who received an offer in-store chose to redeem them. These results are an encouraging validation of Nucleus Vision's goal to increase business for brick-and-mortar retailers, create higher levels of customer satisfaction and give the control of their data back to consumers.
Last year in the U.S. alone, more than 5,000 retail outlets closed up shop, leading many to believe that in the digital age, brick-and-mortar retail is nearing the end of its road. Much to the contrary, it still accounts for 90% of all retail purchases. Indeed, Amazon, the largest online retailer in the world recently purchased Whole Foods, something that would never happen if online was truly king.
An Omnichannel Future
What Amazon understands, and what is at the core of Nucleus Vision is that consumers want an omnichannel shopping experience. They want to shop where they want, when they want and they want the process to be seamless. The future of retail is three-dimensional; to stay competitive, retailers need to be online, offline and use artificial intelligence to create the personalized, tailored-for-you experience that consumers have come to expect.
Nucleus Vision plans to expand into the realm of physical security, as well as connected devices.