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IoT in Retail Sector :

 

What is mean by ” Smart Retail “

  • Smart Retail is a term which describe a set of smart technologies that are designed to give the consumer a greater,faster safer and smart experience when shopping. 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 connected physical object which are embedded with the sensors. IoT allows these device to communicate analyze and share the data about 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 instore 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 to Smart Retail

IoT smart retail incorporate 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.

Smart retail 1 - : Store technology bring IoT to Smart retail 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.

 Smart retail 1 - : Store technology bring IoT to Smart retail image reference :http://iotsmartretail.com

Battery -free digital Price Tag : Allows for seamless communication between database that improve accuracy inventory management and marketing service to consumer Also reduces significant fines and frustration associated with incorrect pricing on the shelf.

Smart retail 1 - : Store technology bring IoT to Smart retail image reference :http://iotsmartretail.com

Low Energy Bluetooth Beacons :

Emerging technology enabling direct communication betwwen shopper smart phones and the shelf so shopper can get couponss custom codes or ordering information while they browse the store

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 Retail IoT application :

key application of IoT for retailer include the supply chain connected consumer and smart-store application . there are five areas where retailers are talking 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 goal 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 a materiel is to given to store.

3. When it comes to demand

Aware warehouse fulfillment we are talking about warehouse automation and robotics driven by online and in-store shopping demand. IoT allow us to monitor sales opportunity in real time .It is important to remember that RFID is 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 om real time demand.

4. Retailer understand that customer are 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 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.

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With the rapid growth of the online shopping retailers bring the friction less 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 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 customer and create value.


featured Image credit : Pixabay