Internet of Things (IoT) has established a strong relationship with several industries today. Whether manufacturing, warehousing, or consumer goods, the foothold of IoT has brought immense changes to every aspect of their operations. An unimaginable revolution is being seen in the retail sector as more and more technologies are being implemented in its work environment.
The blend of machine learning, artificial intelligence, and IIoT technologies used by the retailers has allowed them to better relate to customers, gain intelligent insights, and capture new market shares. So, it doesn’t matter if it is an established or a budding company; everyone wants to try out different technology solutions to modernize services and meet the demands of the new digital era.
But, how has IIoT become a substantial pillar of retail transformation? What type of benefits and uses do retail businesses see from it? In this article, we will discuss these aspects so, keep reading.
IIoT Applications in Retail
Retailers want to provide a hassle-free experience to their customers. Here is how they leverage IIoT for it:
- Monitoring Foot Traffic
It is essential to examine the customer traffic in the retail store to understand the shopping journey of visitors and how the sale associates are directing them. So, by placing IoT sensors around the stores, one gets to know about the popular zones and products and optimize other low activity areas.
- Tracking Supply Chain
IIoT helps track the movement of goods throughout the entire supply chain. Retailers can determine if the materials are safely stored, ideally transported, and timely delivered. In all, evaluate the overall efficiency and avoid loss.
- Carrying Out Predictive Maintenance
Electric appliances and other equipment can break down unexpectedly and cause monetary and reputational loss to the store. With IIoT, retailers can watch over equipment in real-time and notify beforehand in case of malfunctioning.
IIoT Advantages in Retail
IIoT has been providing great value to businesses. Following are some advantages they gain with IIoT platforms:
- Enhanced Customer Service
IIoT solutions help generate tonnes of customer data from video surveillance cameras, mobile devices, and social media websites and the right kind of opportunities to make their best use. Merchants can easily predict consumer behavior and deliver personalized recommendations to the visitors, improving their overall experience, both in the store and web. And as a result, increase the sales.
- Better Inventory Management
IIoT helps enable smart inventory management hybrid learning. You can establish automated inventory visibility with shelf sensors, RFID tags, beacons, video monitoring, and more. So, when you have stock-outs or low inventory, your system suggests re-ordering the desired amount and other solutions if there is overstock back in the warehouse.
- Efficient Logistics
IIoT is a fantastic process enabler and cost saver and, thus, a crucial part of the retail sector. The technology ensures that supply chain processes are as optimized as possible and goods are shipped to the consumers within the specified time limit and in the proper condition, whether or not they are bought from the physical store.