Understanding The Power of IoT in Retail Industry

IoT in Retail is considered to be one of the major innovative factors for the way of businesses done today.

IoT has increased the level of co-operation of retailer with their partners to deliver quality products. One of the vital concerns of retail companies are how they can earn more profit and to be an efficient within their stores and here is what IoT will help you to achieve this.

IoT solutions helps to improve store operations, enabling specific inventory management and top of the above it enhance customer’s shopping experience. As Per Global Market Insights Inc. research report IoT in retail industry will flow to the new heights and reach $30 billion by 2024.

There are several IoT related benefits to the retail industry. But here we are discussing some of the applications in retail industry.

1. Smart Store: Retail companies mainly focused on the way people navigate through their store. IoT enables this by adding advanced digital tools to this process. Instead of specific person trying to monitor the traffic behavior, IoT can simply give more accurate and detailed information about data to the company about the consumer behavior. With the help of smart cameras, beacons, IoT can simply track exactly where the particular consumer spend most of their time, how they behave and where they are concentrated the most.
2. Inventory Tractability: Supply chain of retail industry is now becoming more and more advance, they need to track their inventory from the moment it leaves till its reaches to the final delivery. This is not enough, most of the retailers also need to know the condition of goods at any time within supply chain. A lot of companies depend on sensors to ensure that their products are kept in desire temperature level, humidity level etc. during transportation.
3. Smart Buyer Application: Important part of retail industry is the consumer’s purchase of goods. Using RFID readers, beacons system is able to identify when the user has select an item and added into their cart. Amazon Go App is the best example of this.

How IoT is changing the future of retail industry?

Automated checkout: We always experience how long lines are there of consumer’s to purchase a product. It is unprofitable to pay number of employees to work during busier shopping hours.

With the help of IoT we can easily set up system to read the tags on each and every item and then tally the items up and automatically deduce the total cost from customer’s mobile payment app. Using IoT devices to make Automated Checkout will help to enhance the customer’s shopping experience. And it also reduces the requirement of cashier staff which results in total savings.

Concept of Smart shelves : Shop employee’s time and energy both are focused mainly on keeping track of items whether they are out of stock or is there any item which is misplaced on another shelve.

We can use Smart Shelves to achieve both goals. Smart shelves consists a Weight sensors and it uses RFID Tags and RFID Readers to scan the products on both the shelves, display as well as stock. It will inform you about when the items are low and when they are misplaced on another shelf. As RFID readers are there, smart shelves will be able to identify in-store-theft.

Robot Employees: It is an excellent opportunity to reduce manual work as a customer service representative. OSHbot from Lowe’s Innovation Labs is a robot employee who helps customers to find specific products and inform about promotions.

Robots will roam all over the store and take note of misplaced products or the items running out of stock.

Advertise with Digital Signage: Digital signature is the well known concept in the advertising and marketing industry. This is a cost effective substitution of electronic sign displays such as a LCD or LED Projections.

Digital signage not only provides personalized and interactive shopping experience but also enhance in-store experience due to integration of IoT.

With the help of beacons, systems can collect customer’s data which includes when customer normally visits the store to purchase anything, is he buy a particular item at particular time. With the help of IoT, digital screens not only display commercial but also personalized promotions depends on collected data.

IoT will remarkably transform and initiate the retail industry in coming years. Using IoT in retail industry will create successful marketing campaigns based on customer behavior; user’s shopping experience, improve inventory management and will decrease total operational cost.

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