The retail sector has had a major makeover over the last decade driven by various technologies, including Artificial intelligence, Machine Learning, and IoT (Internet of Things).
IoT has already been applied by more than 30% of major retailers worldwide. IoT applications are in many aspects of the retail industry, from the way the customers interact to how retailers deliver enhanced customer experience, efficient operations, and everything in-between. IoT platform can allow the devices to communicate, analyse, and share data through cloud-based software platforms and other networks. IoT is changing the retail industry, making it more efficient and profitable. In short, IoT in retail has proven to be an invaluable tool!
Keep reading to learn about the power of IoT in retails sectors.
Enhanced Supply Chain Management
Through IoT applications retailers can get a comprehensive picture regarding the movement of goods right from manufacturing, storage, sold, and everything in-between. You can get real-time information such as time spent on transportation, the temperature of the product, storage, etc. and analyse it and optimise the operation for more efficient management and reduce wastage. The data gained is invaluable particularly when it comes to storage. This, can help you save a lot of money in several areas for supply chain management. According to the experts, about three-quarters of retailers plan to integrate and modernise their supply chain management with IoT solutions.
Enhanced Customers Service
IoT applications can provide valuable insights into customer data while offering various opportunities for leveraging those data. For example, retailers can synthesise the data from mobile devices, surveillance cameras, and social media websites, allowing merchants to predict and understand customer behaviour. In fact, big retailers have admitted that IoT has improved their overall customer experience.
Efficient Inventory Management
Inventory management can be challenging. A poor or lack of accurate tracking for inventory can lead to overstock, out-of-stock and other problems, costing retailers billions annually. IoT applications can take the hassle of inventory management. Through smart inventory management solutions, retailers can enhance procurement planning.
Automated Check-Out
Check-out is a more labour-intensive and hassle for customers. Many times, customers tend to leave without shopping anything due to long queue and increased waiting time. This can be reduced by using IoT solutions to automate point of sale systems. An automated PoS can read tags and automatically charge the customers from a mobile payment app.
Many retailers are reaping the benefits of building automation and control systems. Undoubtedly, automated building systems through IoT applications can help streamline customer experience while amplifying products.
The author is a blogger and helps to create intelligent environments. He specialises in designing and creating innovative automated building systems. Visit https://mysmart.com.au/ for more details.
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