Create Personalized Shopping Experience Using IoT
IoT has been a major game-changer in the retail industry, for the way business is done today. This technology enables retailers to embed a sensor in merchandise which then sends relevant information to the cloud. Using IoT, retailers can eliminate shopping struggles to provide better and streamlined customer experiences while amplifying profits. IoT implementation can deliver valuable insights to retailers. With IoT solutions, retailers are digitizing stores that can have immense ROI from increased marketing conversions, improved efficiency in the supply chain, and more. IoT can provide a personalized shopping experience, reduce operational expenses, and increase sales.
Benefits of IoT in the Retail Industry
Machine learning and other automation technologies have become the source of IoT expansion in the business world. The retailers who adopted these AI solutions and applied IoT in their business are now already reaping the rewards and excelling brilliantly. Here are some of the benefits of using IoT in the retail business.
- Improved customer service
- Enhanced supply chain management
- Automated checkout
- Smarter inventory management
Successful Retail IoT Applications
Foot Traffic Monitoring
In smart stores, video-based foot traffic monitoring can be used to understand the customer journey whether the customers dwell in one product area more than others. In this way, by observing store traffic and customer demand in real-time, you can customize in-store shopping experiences.
Smart carts in stores allow customers to simply scan the barcodes, drop the items into their carts, and pay the bills when their shopping is completed.
Predictive Equipment Maintenance
This application helps retailers to improve equipment performance. It is used for estimating equipment failure, energy management, and preventing other problems before they occur.
It provides real-time inventory tracking with RFID sensors. IoT allows you to monitor sales and opportunities and track missed in-store sales. RFID is a well-tested IoT part that can be used for inventory management as well as accurate service-level optimization.
IoT can play an important role in the maintenance of transport, tracking, and route optimization. Many retailers have been using GPS to track and route goods transportation for years. But, with IoT, we are now able to accurately understand how close a pallet of merchandise is given to the store.
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May 7, 2021