The term omnichannel has been around for quite a while. And it has aged well. From roboticized customer service, recommendation engines, and headless content management to in-store digital payments and IoT-enabled omnichannel shopping through dash buttons were the talk of the town. Sitting in the corner, not making much noise was beacon tech, much like the device itself.
Beacon tech is one of the most profitable investments for retailers. The numbers actually speak for themselves. Let us take a glance.
- By 2020, beacon technology deployment had reached $400 million globally according to GeoMarketing.
- The market was valued at $519.6 Million in 2016 and is expected to reach $56.6 Billion by 2026.
- The CAGR expected to be exhibited by the market from 2016 to 2026 is 59.8%.
The market looks quite promising. And a lot of industry leaders like Orion eSolutoins are already in the arena. This is evident from the types of Beacon protocols out in the market today. The major players are iBeacon by Apple, Eddystone by Google, AltBeacon by Radius Networks, GeoBeacon by Techno World, and Nearby by Google. Another interesting factor to look at is the acceptance rate among consumers. It has been estimated that,
- 61% of customers wish to receive personalized offers (according to Visa).
- 57% of consumers can be engaged with proximity based advertising (according to Forbes).
- 59% of shoppers have their WiFi and Bluetooth on (according to Mobile Shop Talk)
With the above numbers, it is evident that this market is entering a well deserved boom. It is necessary for businesses to have their mobile apps augmented using the beacon technology in 2021. Let us take a look at some ideas of mobile apps that can exploit the magnificence of beacon technology
BEACON ACROSS INDUSTRIES
Retail
- Send product specific offers when a consumer is in the vicinity
- Ability to optimize workflow by understanding slow days and packed days through relevant data
- Provide detailed maps
- Higher discounts for customers who bring in a friend
Healthcare
- Promote free checkups
- Detailed hospital maps
- Promote healthcare events
Real Estate
- Notify clients
- Give property information
- The agent can get insights into the client’s offline buying experience
Education
- Guided tours
- Bookstore or library information
- Real time attendance tracker
- Enhanced student safety
Travel
- Faster airport security checks
- Keyless hotel room entry
- Offers and discounts
- Event notifications
Disclaimer: We at Orion have barely scratched the surface of the potential of beacon tech with the above examples. In this pandemic, the beacon tech can be used as a wearable to track and ensure social distancing at workplaces. The list actually goes on.
Along with the potential of application, it is also necessary to understand the fundamentals of the underlying development frameworks of beacon technology. Here, we take into account iBeacon, AltBeacon, and Eddystone.
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POPULAR BEACON PROTOCOLS
iBeacon: It was introduced by Apple in 2013 primarily for retail and marketing apps. It lacks native support on Android. It is also limited by just one type of advertisement packet.
AltBeacon: It is an open source protocol. It does not have any ties with any specific platform. AltBeacon trumps iBeacon in terms of broader transmission capabilities.
Eddystone: It was introduced by Google. It has bigger opportunities while defining BLE messages and all the other features of the above mentioned protocols. Eddystone eliminates the limitations of the other 2 protocols by allowing up to 3 advertisement packets.
Now that we are familiar with the protocols and have glanced at the practical applications, let us conclude this discussion.
SUMMING UP
A Google survey has estimated that 82% of shoppers use their smart phones to make in-store purchase decisions. This means tech like Beacon needs to be needs to be already integrated with your business. It is almost too late. Beacon technology also facilitates out of the store marketing, advanced data collection, improvement in listings, and improved offline attributions.
Mobile app development companies like Orion eSolutions takes special interest in upcoming tech such as this. We understand that omnichannel engagement strategies have an 89% customer retention rate. Integrating an omnichannel mechanism like beacon into your mobile app is proven to increase purchase or app use frequency by 250% (according to Omnisend). It is high time that you explore the potential of this tech. We can help!
