2 Nov 2016

How IoT Can Help The Retail Business

I woke up in the morning with my window blinders opening automatically, when my alarm 4th snooze went off, I tried but could not sleep anymore the warm and cozy sun rays had drenched my face and all I could do was smile and opted for my daily routine, by the time I landed on the road, I was already late for 15 min, and all the credit goes to my sleep dragon. Sooner I started my car, the alternate route was suggested to me by the tech gadget since there could be road traffic in the stretch of 2kms, I almost felt kissing the gadget, then I realized how much technology has improved and has reshaped and revolutionized our day-to-day lives and technology has expanded to IoT.

We love it when we get personalized treatment, but feel exquisite if technology can interconnect our bodies with our homes. This is only possible with IoT, to understand IoT and its effects on our lives, read further.

What is IoT

As per the Wikipedia, “The Internet of things (stylized Internet of Things or IoT) is the internet working of physical devices, vehicles (also referred to as “connected devices” and “smart devices”), buildings and other items—embedded with electronics, software, sensors, actuators, and network connectivity that enable these objects to collect and exchange data.” Oops, that sounds too technical to be handled by a common man, let me ease it down for you, in a layman’s diction, IoT , is all about connecting devices over the internet, letting them talk to us, applications, and each other and it includes everything from mobile to the car engine. As per the McGill, IoT technology is “narrowing the gap between the physical and digital worlds.”

Why IoT for Retail Business

With the ever growing technology, consumers demand seamless experience with their shopping way, has also increased. It can be a physical shop, an e-commerce website, a mobile app or a door-to-door service; customers always look for the more. In order to come across the consumer demand, IoT technology has a myriad of options available to convert the user experience into most satisfactory. Studies have further proven that the market size and growth potential for the retail industry and how it is making substantial revenue through IoT adoption in the areas of supply chain monitoring, inventory management, product tracking, and payment processing. IoT is the future for the retail business and would grow very fast in the next few years and will completely change the consumer experience.

How Retailers Can Benefit From Internet of Things

IoT is a robust technology that improves the lifestyle and business at a higher speed. Consumer adoption of IoT devices is expected to rise quickly; following are the benefits retailers may attain from IoT:

Keep A Check On Inventory

The basic and the foremost important job every retailer has to perform is to track the inventory from production to warehouse and warehouse to store shelves, with IoT it can be the easiest job in the world, through sensors, such as Beacons and NFC tags. A retail business can take much advantage of the radio frequency tags to track and manage the inventory since the collected data is real-time and would provide the accurate inventory estimation.

Hassle-Free Delivery

Technology rules everywhere and the GPS devices have been used for tracking delivery trucks, but with IoT, the delivery process of goods has reached to a next level, users can predict the easy delivery route, transporting speed, storage temperature adjustment and alerts rising. With this feature retailers can minimize their expenditure like fuel costs, reduced theft, tracking the product and reduce loss risks and would gain accurate delivery time.

Vending Machines

Vending machines around the corner for the customers can be a major deal for the retail business owners to attract a mass of potential customers, who simply want to grab your services at their convenience. As per the demand of targeted customers, a vending machine installed with IoT technology can offer a magnificent deal to convert prospects into customers, changing shopping experience for both- customers and retailers. IoT helps in analyzing the real-time data of customer history and their demands and provide the business prediction and be competitive enough.

No Delay In Maintenance

Post-sale service can turn the customers into loyal customers in retail business, but keeping a tab on service record can be precarious with a huge database to deal with. The post-sale service can be tracked easily with IoT resulting real-time data, by sensors. IoT technology lets the information goes back to the retailers and required action to be taken.

IoT, more or less is a Tech-Revolution, with a focus on IoT would result in positive returns on investment for retailers. IoT creates a platform of opportunities for the retail industry to achieve efficient business solutions, by addressing the right person, right content at the right time and right place. A Markets and Markets report estimated that the global market size of the retail IoT, including hardware, software, and services which would increase from $14.28 billion in 2015 to $35.64 billion in 2020, representing a 20.07% compound annual growth rate (CAGR). To conclude with, IoT is not just confined to sensors and connectivity, but it’s a new era for business outcomes, creating new customer experiences, generating revenue with every possible opportunity to engage every customer with the product.

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