Internet of Things in Retail Industry
Smart Retail is a term which describes a set of smart technologies that are designed to give the consumer a greater, faster safer and smart experience when shopping, smart retail also known as IoT in retail industry.
A world in which nearly everybody now carries around a smart device.
IoT application retailers are using today
Internet of Things is a network of a connected physical object which are embedded with the sensors. IoT allows these devices to communicate analyze and share the data about the physical world around us via network and cloud-based software platform.
In the case of retail, the “Things” can include RFID inventory tracking chip, traditional in-store infrared foot-traffic counter, cellular and WiFi tracking systems or customer’s mobile device.
By using IoT we can now understand the context i.e time and place of the customer which is helpful to identify when we are certain the customer needs help or an incentive to purchase and we can respond proactively.
Store Technologies to bring IoT in Retail Industry
IoT smart retail incorporates powerself, Battery-free digital price tag, and low energy Bluetooth Beacons into revolution technology solution for the retail market.
It enables stores to transform customer service relationship saving everyone time and money while providing the customer a seamless shopping experience.
image reference:http://iotsmartretail.com
Powerself
Low power, battery-free digital interface solution at retail shelf enabling two-way communication, inventory management control, out of stock monitoring and alert, digital signage, lighting and temperature monitoring.
image reference:http://iotsmartretail.com
Battery-free Digital Price Tag
Allows for seamless communication between a database that improves accuracy inventory management and marketing service to consumer Also reduces significant fines and frustration associated with incorrect pricing on the shelf.
image reference:http://iotsmartretail.com
Low Energy Bluetooth Beacons
Emerging technology enabling direct communication between shopper smartphones and the shelf so the shopper can get coupons custom codes or ordering information while they browse the store
See also: What is Beacon means? ; Understanding types and applications
IoT applications in Retail
a key application of IoT for retailer include the supply chain connected consumer and smart-store application. there are five areas where retailers are taking advantage of IoT.
1. Predictive equipment maintenance
It is used for managing energy, predicting equipment failure or detect other issues.For example- every grocery store has a lot of complex equipment.
We can predict maintenance issues that might affect power consumption for monitor temperature fluctuation to ensure food safety.
2. Moving material more efficiently
It is one of the goals of smart transportation application in retail. IoT can come into play with maintenance of transport, tracking and route optimization.
We know that many retailer use the GPS to track as well as route the truck from last few years. By using IoT we are able to understand the degree of accuracy how close materiel is to given to store.
3. When it comes to demand
Aware warehouse fulfilment we are talking about warehouse automation and robotics driven by online and in-store shopping demand. IoT allows us to monitor sales opportunity in real-time.
It is important to remember that RFID is a well-tested part of IoT that can be used for inventory management and more accurate service-level optimization.
The warehouse of the future will be open space where automated material self organize based on real-time demand.
4. Retailer understands that customer is able to check in-store pricing and local inventory level from their mobile devices
Imagine if we could make a customized best-price offer or provide location-based services right in the store.
In past, it was accepted as the norm that we would send the mass promotion to the customer with the expectation that some acceptable percentage might be interested in that promotion.
By using IoT we can understand the context to identify when we are certain the customer needs help or an incentive to purchase and we can respond proactively.
With the rapid growth of the online shopping retailers bring the frictionless customer experience of online shopping into the store whatever they can.
They want access to the same type of data and also high-performance analytics that retailers use to drive websites and mobile shopping trips.
Their goal to have that same limitless control to craft a customer experience and collect detailed data to help them predict how the customer will shop.
The differentiation with IoT will come from a retailer’s ability to sense, understand and act on IoT data with analytics.
To take advantage of this new promising area where retailer should focus on IoT application that better serve the customer and create value.
See also: Smart Industry with Industry 4.0 -The Fourth Industrial Revolution
Let us know what you think about Smart retail IoT i.e. IoT in retail industry in the comment section below.
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