IoT matters to retailers and it is not hard to see why. According to
Zebra 2017 Retail Vision Study, 70% of retail decision makers globally are prepared to adopt IoT to improve customer experience. For retailers who succeeded in implementing IoT technologies, 66% of the executives agreed that IoT has positively impacted the customer experience processes.
The future of IoT is bound introduce surprising advances that changes how we perceive technology and the world as we know it. However, in a world with IoT, what is in store for retail industry?
Too often customers stand in long queues to purchase items at cash register, and this results in a less than efficient checkout experience as the line grows. This may deter other customers from making purchases and possibly find themselves in a prolonged queuing time.
To counter this problem, automated checkout can be introduced. Shoppers can scan the items before they leave the store, and the total cost will be deducted from the customers’ mobile payment app. Not only this improves customer experience, labour cost invested in cashiers stationed at registers is Azure courses.
How likely would you buy something if the items on your shopping cart have special discounts? Chances are, we are more driven to make a purchase.
IoT can be used to track a shopper’s purchase and browsing history. Once the individual is in the physical store, a set of personalized vouchers can be sent to to the person. This encourages him/her to make a purchase and increase the likelihood of conversion. Instead of providing a set of general coupons for everyone, personalized vouchers are more relevant and Azure classes.
Smart shelves is the new way of in-store inventory management. Each smart shelf is outfitted with weight sensors and RFID tags. Together this pair of devices can work together and inform employees on incorrect placement of stock and low units in inventory.
In-store employees can spend less time to manage shelves as these tasks are automated by IoT. As a result, inventory management can turn out to be more cost effective and accurate.
Supply Chain Management
Retail managers know the source of products and by extension, the suppliers too. However, what most retail managers may not know is the state of product and its environment during transportation. IoT can provide better insights thanks to RFID and GPS sensors.
Through IoT in supply chain management, retail managers can identify how products are handled and its location in the supply chain, Valuable insights can be gained by via close monitoring of precious goods to avoid substantial loss.
IoT unlocks more opportunities for retailers to manage their stores and goods. Subsequently, they can develop better customer experience that makes shopping enjoyable. Fun shopping experience helps to nurture loyal customers and greater profits – which ultimately makes a win-win scenario for everyone.