With robots, sensors, and smart shelves, IoT applications in retail is revamping customer experience and driving sales. The internet of things usages are being explored by numbers of businesses today that is leading to enhanced customer experience. This technology is incredible that uses sensors and wearables to collect information and enable remote operations, that’s how this futuristic concept is shaping for a new future is remarkable. In this article,
we will look over the ways it is creating a unique customer experience in the retail stores and enabling businesses to thrive.
The landscape of the retail industry has changed dramatically in the last few years. IoT applications in retail are gaining a significant amount of attention as they are enabling businesses to gain customer loyalty, boost sales and provide a personalized experience. As per researchers, the global IoT in retail market size may reach up to USD 94.44 billion by 2025 and indicates a 21.5% CAGR during the forecast period.
While this industry is experiencing an increased need for improved flexibility, better services, multiple channels of distribution and more personalized experience. It is very critical to obtain a reliable solution that can provide to all of these needs.
While ongoing evolution in this industry such as the adoption of smartphone and omnichannel are allowing retailers to gain a significant growth create a more advanced brick-and-mortar shopping experience. Retailers are engaging with several technologies and striving to provide unique experienced by making stores more interactive.
Devices like smartphones and tablets re increasing used for product promotion and draw more customers. While IoT applications in retail are also being leveraged for providing shopping convenience. Let’s glean into some ways this industry is evolving through the internet of things.
Internet Of Things In Retail
IoT in retail 2019 transformations will be huge, as this technology is capable enough to transform the overall industry. From reducing inventory errors to the optimization of the supply chain, this technology can improve every single vertex of this industry. Ultimately, IoT can help store businesses to be more advanced and competitive, by improving customer experience and decluttering.
In short, IoT has no dearth of benefits to the retail industry. Thus, we will look over some ways this technology can improve the retail process and customer experience.
IoT Applications In Retail
1. Integration Of Automated Checkout In Stores
Long lines are arduous in stores, and many of us experience this episode during shopping. These long lines deter customers to purchase. And paying to the numbers of employees during peak time isn’t very profitable for businesses. With the internet of things, it is possible to set up a system that can read the tags of each item, and the checkout system would tally all the products. Once the customer leaves the store, this system would be able to automatically deduct the money from the customers’ mobile payment app.
While this also allows the store to create an automated checkout system that would zeal up your customers and encourage them to shop more. It would make them enter your store again and again especially they are in haste. It can solve the problem of waiting in line and can save huge cost by reducing the need for staff such as cashier and others.
2. Personalization Through Beacons
From years, the potential and usages of beacons are being explored by the experts. Beacons are small Bluetooth devices that send signals to smartphones available in the proximity of the beacon. Thus, this nature of beacons can be used to provide personalized services to all potential customers. It can send the notifications and alerts about the special events, deals & discount updates and other reminders when they are near to a store and has downloaded the store’s app previously,
Macy’s is using beacons since 2014, that enable the company to send alerts to customers about all available discounts and products. Altogether, these devices also figure out that in which area of store the customer is in. Accordingly, it can send the products and discounts available in the section of the store. Not only this, but beacons can also send alerts to the passerby. In short, they are a very powerful advertising channel that enables businesses to reach to the all potential customer with a more personalized experience.
3. Smart Shelves
Keeping track of items is a very dreadful task that requires a huge task force that can count every item on the shelf and maintain a record. Besides, their task also includes checking of several items and ensuring that they won’t go out of the stock.
All of these require good time and efforts. IoT based smart shelves can be a real help in such instances. These shelves are fitted with RFID tags, weight sensors, and readers that can scan the products on both stock and display stock.
As the name indicates, smart shelves are very intelligent as they can send the information about the availability of items in the shelve and their quantity. It keeps track when the item is running out, and when they are placed incorrectly on the shelf. This makes inventory process easy and cost-effective and precise. Moreover, smart shelves can also detect In-store theft as each RFIS tag connects with the reader. It strengthens security and reduces the cost of security provisions in the shop.
There is no dearth of retail IoT solutions that are improving the in-store app experience. The most powerful is the utilization of the robot as a customer service representative.
Think when you enter a store and a robot describes the product for you. It is a great way to cut down the cost of maintaining a huge customer force. With IoT, robots can help find the products easily in the application store, and provide top-notch customer assistance. Besides, the internet of things offers a network system where any customer can be easily tracked. Rendering loyalty discounts to certain customers are also easy with these platforms.
Moreover, customers can also track items that are being searched online.
Clearly, IoT can completely transform the overall retail industry. If you are engaged in this business vertical, infusing an IoT application in the retail store can open the gates to various opportunities. Investing in a smart system that can provide a unique experience to your customers.
Since it is very critical to revamp the in-store experience, it is fruitful for retail businesses to integrate the internet of things. While this technology can personalize the in-store experience, it makes for the increased sales revenue. Besides, it makes stores more advanced and processes like inventory management easier, that leads to a huge cut in maintenance cost and reduction in the need for staff. In short, integrating IoT aspects created a new line of retail experience that will make shopping more easy and personalized.