7 Ways How IoT Is Transforming The Retail Industry
The ever-advancing technology has already transformed every single industry that it has touched with its magical wand. Continuous technological advances are completely changing the world, transforming our method of functioning and our everyday lives are reaching a whole new dimension. The Internet of Things (IoT) is one of those advances in the world of technology that is revolutionizing our lives. The Internet of Things in retail is gaining exceptional prominence of action. Retail Iot solutions are facilitating a personalized customer journey, adding a solid momentum to the future of IoT in retail.
Customer Journey: With IoT, sellers can track the customers’ journey online and know more about them so that the retailers can work on improving consumer experience with the brand. Retailers can also track consumer behavior in a brick-and-mortar store through IoT integrated devices. The IoT integrated smart cameras and sensors map the patterns of customer traffic using location data. This helps sellers to track your customers’ smartphones throughout the time span that they are spending in the store and get useful insights about their shopping patterns and habits. The customers’ journey can be followed from their entry to point of sale. This way of multiplying the in-store customer journey, paves the way to build a solid brand reputation and also leads to higher revenue generation. Wise Product Placement: When the customers’ journey and shopping behavior is followed by the retailer with the help of the connected devices, retailers can learn how and when customers make their purchasing decisions, and even how much time they are spending before and while buying the products of their choice. Retailers can get know which of their products attract the most attention so that you can rearrange their shelves accordingly and enable ideal product placement to increase sales.
Inventory Management: IoT helps retailers to monitor inventory and make smart decisions with accuracy when it comes to restocking. IoT devices also generate notifications to receive alerts when particular products need to be refilled so that there is no chance of stock-deficiency. Smart shelves can be used in stored which notify retailers when they need to restock them. Automatic Online Orders: Besides sending notifications in case of stock shortage, such IoT devices can also automatically place orders for particular merchandise whenever required. It works somewhat like smart fridges which can automatically order online definite products when supplies are low. This connection between smart homes and retailers will build strong relationships between retail owners and their customers. Prevention of Theft: IoT significantly helps with preventing theft in retail stores, and this does not refer to prevent customers’ shoplifting or likewise, because we already have cameras and EAS (Electronic Article Surveillance) tags for that. IoT will prevent employees and suppliers from stealing products while receiving them from delivery trucks, for example, because the retailer’s IoT enabled tracker will keep track of his real-time inventory and supply chain. This will prominently eliminate any potential losses
because retailers will always get to know if something is misplaced. Not only that the retailer will also know exactly who misplaced if any.  Cost-effective Advertisements: In the field of advertising and marketing industry, digital signage is a very fundamental term. But when you intertwined with IoT, it offers the retailers cost-effective advertising. It is seen in various public places for exhibitions, outdoor ads and, marketing. Due to this, retailers don't have to take to traditional methods of advertising, like print or electronic media, which are evidently costlier. Going by market statistics, digital signage is predicted to increase from $19.61 billion in 2016 to $32.84 billion by 2023. Digital signage not only showcases the advertisements impressively but also improves the in-store experience due to the hand-in-hand functioning of IoT.  Data Based Functioning of Stores: IoT sensors and beacon devices help a lot in collecting useful data which, can be a solid helping hand in operating the store successfully. Retailers can efficiently manage their store employees as well as curtail energy consumption. In-store marketing and advertising are entering into a whole new direction with the help of beacons. Smart cameras and sensors are capable of real-time tracking of customer location. In addition to that, they can track the shopping behavior of the
customer, including his personal preferences. Sales employees can particularly focus on popular products when the customer visits the store. These are seven ways in which IoT is transforming the retail industry. There are several IoT solution providers that work on providing such IoT integrated products, making the life of business owners easier. HIPL is one such IT startup dedicatedly working on providing customized IoT solutions to businesses. For detailed information on the applicability of IoT in the retail industry, you can refer to our blog on our website at "Here’s What People Are Saying About IoT In Retail Industry!"
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