IoT Retail Power
Connected devices are not just changing the way we work, play and behave – They are bringing dramatic changes in the entire industry. It adds more intelligence to the objects that entangle us. Right from utility meters to the household appliance, it brings a huge amount of data that can help companies to bring drastic changes in their working channel. The invention of this new technology that connects every object, consumer and activity bring new opportunities to drive innovations in technology a step higher. Meanwhile, changes are also noticed in big labeled industries that are digitizing every product, employee, and services.
The growth of connected devices blended with improved and cheaper technology platform along with adoption of common standards and protocols will boost up the implementation of IoT-enabled capabilities across multiple industries. If we throw light in the current industrial scenario, implementation of the internet of things technology is more witnessed in the retail industry. We have already witnessed how retailers have experimented with this connected technology that offers new services, reshapes consumer experiences and how they have entered the new market by creating a digital ecosystem. Let’s watch out how the internet of things have revolutionized retail industries and in which retail areas it has brought opportunities.
1. Coherent Customer/ Retailer Experience
The proliferation of devices coupled with the internet of things technology brings innumerable benefits to customers and retailers among which some of them are:
- Using the mobile device, the customer can scan the barcode of various products and can accumulate the corresponding product information from the internet.
- If we talk about garments retailing, owners can integrate smart mirrors where customers can figure out the look of the cloth on their body without even wearing it.
- With automatic scanning, retailers are capable of scanning customers bought goods when they log out of the store after purchases.
- With internet of things, customers can create digital shopping list where smart carts would guide them with the corridors to pick the particular product.
- Customers now no need to walk in multiple corridors to buy the particular product as touch screen robots will guide them the way towards a corresponding product.
2. Bringing Accuracy In Inventory Tracking
IoT has empowered precise tracking of inventory stock. Now, employees that are engaged in production department would be able to get the exact status of products like when they are under production and when they are in distribution stage. Regardless of supply chain complexity, it is possible for retailers to keep a track of inventory stock and make the product available as per customer demands.
3. Identification Of Fraud And Depletion
Retail theft is caused whenever a product is stolen by store employees. In order to prevent retail depletion, products are fixed with RFID tags that would help to identify the product in the case of theft. Generally, goods tagged with RFID codes will alert retailers whenever an attempt of theft is made. This will help retailers to keep regular track of goods and acquire more information about the theft. Goods that are sold online in bulk quantities are often stolen from inventory stock and these tags would help to identify the theft in a quick manner thereby managing fraud and depletion of goods in the best manner.
4. Best In-Store Experience
IoT has proved to be one of the best opportunities for retailers to customize in-store experiences and thereby improves customer experience. When blended with consumers smartphones, the technology provides access to almost every product information and also shows capabilities to send targeted offers. Consumers can also receive special deals and offers while in-store. When IoT is implemented in wearable devices or in smartphones, the sensors that are placed throughout the stores helps to enhance customer service.
Example: If the customer is standing near the counter for more than 30 seconds, an alert is sent to the employee to attend customer. It simply means that an employee can get faster and best shopping assistance while managing other tasks and activities.
5. Make Most Of The In-Store Flow
With IoT, retailers are able to recognize the customer’s interest, hobbies, their purchasing pattern and much more. Using GPS, beacons and sensors they just not only keep tags on inventory but also notify customers regarding discount coupons, various promotions and some exclusive discounts and rights on their mobile device. Using location, retailers can target various deals and promotions to customers that would involve their great interest into it.
6. Connecting Storage And Smart Shelf
Earlier, inventory management system was not that precise but with the implementation of the internet of things, retailers can keep track of exact product inventory, prohibit stock maltreatment and eliminate the opportunity of an empty shelf in the store.
There is still quite huge potentials for the internet of things in the retail industry. If you have your own retail business on a large platform, you can implement IoT vogue and leave your rivals chasing behind you.
By Melissa Crooks