Iot Is Transforming The Retail Industry, Let’s Find Out How?
Throughout all the industries, a majority of companies have started making use of IoT technologies. Due to which it is viewed as a major driver of the third industrial revolution. And without a shadow of a doubt, connectivity of "things" will continue to effect on how the businesses are supposed to run in the future. When it comes to the retail industry, it seems that IoT has already started reshaping and revolutionizing. Tech-savvy retailers have started installing smart shelves that detect when inventory is low, RFID sensors that track goods throughout the supply chain, systems that send personalized digital coupons to shoppers when they enter the store, and sensors that monitor the quality of perishable items and so more.
How is the consumer experience with IoT?
Today’s consumers are looking for seamless experiences across each and every channel, be it brick-and-mortar store, an ecommerce site, a mobile app or even a phone call with customer service. With the help of IoT technologies, companies have the leverage to offer an endless number of possibilities for transforming the retail consumer experience.
Solutions offered by IoT:
- In-store technologies
- Technologies for business agility
- Consumer and market data analysis
- Online and social technologies
- Vending machines and intelligent kiosks
4 Iot Applications Retailers Are Using Today
- Predictive equipment maintenance- It is used for managing energy, predicting equipment failure or detecting other issues. For instance, every grocery store comprises a bunch of complex looking equipments (refrigeration units)- when these equipments instrumented with sensors, we can predict maintenance issues that might affect power consumption for savings or monitor temperature fluctuations to ensure food safety.
- Smart transportation- Smart transportation has led to an effective move of merchandises/ applications in the retail industry. IoT comes into play with the maintenance of transport, tracking, and route optimization. Today, most of the retailers have started making use of GPS to track and route trucks in the last couple of years. With the help of IoT, we can detect accuracy to a great extent.
- Demand-aware warehouse- IoT allows us to monitor sales opportunities in real time and track missed in-store sales. Don't forget that
- Connected consumer- With the increase in connected consumer, brick-and-mortar locations are facing huge impact. Imagine a situation where we could make a customized best-price offer or provide location-based services right in the store. Have you wondered what happens if we could target our high-value, loyal customers with concierge services? With IoT, we can now understand the context (the time and the place of the customer) to identify when we are certain the customer needs help or an incentive to purchase, and we can respond proactively.
In a nutshell,
In order to make the most of this new promising area, retailers require focusing on IoT applications that better serve customers and create value
Rakesh Patel is Marketing Manager at eTatvaSoft - web, ecommerce and mobile app development company in India. He writes on Technology Trends, Marketing, Entrepreneurship & many more.