IoT Solutions will revolutionize Retail Industry in 2018Posted by Krish Nair
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The Internet of Things (IoT) isn’t just changing the consumer’s lifestyle but also reshaping retail industries. Days are not far when companies will produce a large amount of data(from utility meters to home thermostats) to leverage improved operations and serve customers in a better way.
IoT solutions and technology is driving innovation by adding intelligence and connectivity to the objects that surround us. It will be innovative to the retail industry. Retailers are already experimenting with the ways to use IoT solutions and devices to revolutionize services and customer experience by developing a digital ecosystem. It benefits retailers in three critical areas:
- Supply Chain
- Revenue Stream
- Customer Experience
1. Optimizing operations supply Chain
The industry is emerging with connected devices and products, providing retailers with an opportunity to help optimize operations in the face of a more complex supply chain, increasingly important digital channels, and a more demanding customer.
IoT-enabled sensors can help monitor lighting and temperature control and adjust settings of stores to improve customer comfort . Using sensors to automate many of the functions that employees currently have to perform manually, such as tracking inventory gives sales executives more time to spend interacting with customers—further improving the in-store experience.
2. Discovering revenue streams
The true power of the IoT solutions lies in the opportunities it presents to retailers to create new revenue streams or, in some cases, build entirely new channels. We’re already seeing examples of incremental revenues retailers can help achieve by expanding into new channels or creating new, high-margin product categories for the emerging “connected home.” Household appliances, home security and comfort products, even health and wellness products are all becoming part of the Internet of Things ecosystem.
3. IoT Solutions to Improve customer experience
Many companies can already mimic customer intimacy—as seen in online ads that quickly reflect your latest purchases— but the IoT solutions promise something much more authentic and meaningful to the individual. The Internet of Things presents an opportunity for retailers to develop a vastly improved ecosystem that connects physical and digital worlds, allowing bidirectional, real-time interaction with consumers both inside and outside the store. The increasingly ubiquitous smartphone will be the hub for these interactions. Retailers are slowly evolving from fearing smartphone-toting shoppers who “showroom” (browse products in-store and then purchase online, often from competitors) to exploring new ways to connect with them to enhance the in-store experience. One way is through location-based ibeacon technology, which retailers can use to interact directly with customers as they enter the store.You can red more about iBeacon & Retail here. 50 Retailers are planning to implement ibeacon on store . & Check Here for BLE based app Development
Retailers can leverage the copious amounts of data produced by these interactions to improve the customer’s in-store experience. Using sensors to track customers’ paths through a store, for example, can help managers improve store layout and merchandise placement strategies. These solutions will make them Smart Retailer
LetsNurture has been focusing its vigour towards the enhancement of technology experience in providing IoT solutions already to various industries. Feel free to reach out our sales team and it would be great to engage with you in realising the strength of IoT for retail.