IoT in Retail Industry:
A key area that retailers are working on with IoT is supply chain performance, customer experiences and location based marketing. The movement towards IoT is opening up new doors for retailers in three main areas. These are the supply chain, customer experience, and new channels and revenue streams.
Across the world, almost three quarters of decision makers in the retail domain say that they are ready to adopt IoT technologies to improve customer experiences. In North America, almost 80% of retailers are putting their money into IoT technologies like shelf sensors and automated inventory verification systems. A key area that retailers are working on with IoT is supply chain performance. 72% of retailers are planning to change up their supply chain with IoT-led visibility in real-time thanks to sensors, analytics, and automation. IoT is set to be an increasingly large part of security, as well as working in supply chains, allowing better customer experiences and good location-based marketing.
Almost 80% of retailers will be capable of customizing each store visit for their customers by 2021, with most of them knowing when there is a specific customer in-store. 78% of retailers think it is business-critical or important to integrate in-store experiences with e-commerce, so an all-channels experience can be delivered to each customer. 73% of retailers think that the management of big data is business-critical or important. The top initiatives being prioritized by retailers are centralized customer data and intelligence, market-basket analytics, and customer segmentation. 90% of retailers will have implemented buy online and pick-up in-store functionality by 2021. 87% of retailers will deploy MPOS (mobile point-of-sale) services by 2021, letting them scan and accept payments via debit or credit anywhere in their store.
The movement towards IoT is opening up new doors for retailers in three main areas. These are the supply chain, customer experience, and new channels and revenue streams. Here are just a few examples of how the connected home and in-store customer experience of the IoT future could be:
Customers can quickly scan items to see product information, social media comments, and reviews by using their smartphones or wearable devices. Customers can also receive personalized coupons via digital streams when they enter the store, and use touch-screen robots to look at inventory and find the products they want or need.
Smart robots, working autonomously, will help with various tasks including stock replenishment, the handling of dangerous materials, and assembling products. Smart shelves can detect when inventory is running low, and smart packaging can keep an eye on freshness in perishable items.
New Channels and Revenue Streams:
Basic groceries arrive when you need them thanks to smart connected pantries. Smart price tags will change in real-time based on demand and various other trends. Smart home devices will offer suggested recipes based on ingredients which re available at home. Connected home comfort devices will allow automatic and remote monitoring of lighting, temperature, and more.
IoT in the Retail Industry:
• Automated home replenishment
• Predictive maintenance of store facilities
• RFID for item level inventory
• NFC payments
• Supply chain inventory tracking
• Maintaining inventory accuracy
• Sensor-based proximity marketing
• Sensor-based security solutions