05 May 2020

IOT In The Retail World

This is the era of smart living and IOT is one such technology that has not only been a hit in the homes and workplaces , but has also been adapted to a great share in the retail industry. Having a sky-high scope of advancements in applications and software development IOT enhances customer loyalty and base, in turn boosting sales through forms of internet marketing and creating innovative buying and selling experiences.

Now let’s talk about what has taken Internet Of Things to the spotlight in the retail industry and what all it has to offer. Here are the ideal IOT use cases of the retail sector in today’s time:

Inventory management system

IOT has enabled automated inventory management through which retailers can now keep a check on sales and stocks through real-time notifications and alerts. This not only saves money spent in overstocking but also eliminates some manual errors. This system runs on Radio Frequency Identification Technology in tags installed on merchandise and readers communicating through antennas for analysis and observation.

Beacon technology

Beacons are like small bluetooth devices giving out different data, information or updates to different smart devices such as mobile phones in the vicinity. In the retail sector beacons give out different discount details, offers on-going in the store to passers by and also to people in the store, sometimes contest and luck draw alerts are also transmitted to customers while they are doing their shopping, this boosts sales and also store popularity.

Cameras

We all know about CCTV, it is one of the oldest smart devices in the IOT industry, in stores it helps the retailers and keepers to make a check on the different activities of the customers in the store, preventing theft and other unlawful practices.

Digital Signage

The aim of selling a product is met only when a person is interested in buying it, the introduction of digital signages has work a great deal in this domain, creating immersion and interest in the onlooker through its futuristic and animated appeal, specially in the kids sector, whatever is visually appealing is wanted by all and people remember to try it out.

Smart checkout

Going cashless and giving feedbacks has become the mantra of today’s smart shopping world, IOT has made payment integration possible through scans and swipes with Wifi debit cards and scanners in smartphones, now there is no need to carry cash to buy something and also during checkout, stores have enabled feedback which helps them improve services and product quality.

IOT is in its youth stage in the retail industry, with the power-packed combination of gadgets and online technology linked with the internet, there are negligent limitations, keep a watch on trends to see how IOT keeps the retail sector booming.

“ The Internet of Things is a rather revolutionary technology changing the way of being of every industry in the economy be it retail or domestic or even industrial.But, it simply works through connectivity between devices and tools harnessing internet technology.