What if a retailer could know that a consumer is buying his competitor’s products and sends the consumer a huge incentive to buy his?
What if the retailer can know the product condition by using smart fridge and smart shelves and improvise on the inventory management?
It is totally possible through Internet of things (IoT), which is said to affect almost all the industries!
What’s so extraordinary about it?
IoT offers connectivity, enables intelligence and makes all systems much smarter. IoT’s impact cannot be easily estimated due to the wide scope and unimaginable applications.
IoT brings the concept of connectivity anytime, anywhere and any thing !! The below image from ITU’s Executive summary on IoT explains this well!
The wide range of scope of IoT has opened new doors for so many industries that it might change the way we think and the way we work completely in the near future.IoT in well known for its applications in smart homes, wearables and smart healthcare, smart retail, connected transportation , smart farming and many, many more.
Retail industry has been an extremely dynamic sector which is seeing a constant revolution from time to time. Retail industry is largely customer experience driven and needs to adapt with the changing consumer expectations.
How will IoT be a game changer for the retail industry?
Enhancing the customer experience and driving sales effectively is of utmost priority for the retail industry. IoT can help retailers achieve better customer satisfaction and much more sales conversions in the following ways:
- Enable and empower employees to access data driven insights.
- Optimize customer experience through sensor integration
- Intelligent forecast of inventory demand
- Understand the consumers better through detailed monitoring and insight generation.
- Drive sales by personalization and by providing seamless experience to consumers
- Improve operational efficiency
What’s driving retailers to invest more on IoT ?
There has been a substantial increase in the number of retailers ready to invest on IoT. According to Zebra Technologies’ report on retail industry, a whopping 70% of the retailers are ready to invest on the IoT technologies!
The need to generate more revenue, increase customer satisfaction, need for reduced operational costs and increase in operational efficiency, improvement of inventory management are all driving retailers to pay more attention towards incorporation of IoT.
According to a survey, 75% of retail stores will not only know when specific customers are in the store, but will also be able to customize the store visit for them by 2021.
IoT data solutions and smart devices connectivity together are reshaping the retailing industry. The merging of the physical and digital realms of the retail industry is taking retailing to the next stage.
Doesn’t this make us want to experience seamless, personalized mall experience at the earliest !?