Amazing Ways IoT is Changing the Retail Industry in 2022
The internet of Things, or IoT, is about connected devices that have the ability to “talk” to each other. Technically, they can share data over a network connection. Companies can draw useful results from this data and use it in several business applications to maximize revenue, profits, and return on investments. IoT is changing many industries such as healthcare, finance, and automobiles. However, the impact on retail is quite significant. Even on your Spectrum cable connection, you must have seen various tech-related shows discussing how retail is no longer the way it used to be. Following are some of the best applications of IoT in retail.
Easy Checkouts
It is quite a difficult task to manage long queues of customers waiting to check out from a store. It is also not profitable for businesses to hire a large number of cashiers. On the other hand, a checkout system based on IoT can automatically calculate the cost from a customer’s mobile payment app. This app can automatically track all the purchases of a customer and calculaet the total cost. Next, before leaving the store, all they have to do is head over to a central checking-out portal and pay the bill. This can allow you to save additional costs in hiring cashiers. Not only that, but you can also expand the space in your store by removing the cash counters.
Apart from this, the customer experience will also become very smooth as they will only need to check out using an automated payment system. Furthermore, they won’t have to wait in long queues either.
IoT Sensors
One of the key features of using IoT in retail is that it can help you reward your returning customers by setting up IoT sensors around the store. You can provide loyal customers decent discounts if they have already signed up for such a program. Whenever they appear in the vicinity of a product that they purchase regularly, the IoT sensor can send the notification of an available discount on the customer’s phone app. Make sure to offer discounts only on selected products that unique customers are interested in. Whenever they visit your store, they will automatically get interested in checking all the sections of the shop to get any possible discounts. You can incorporate IoT devices in your routine activities and help your business grow with innovation.
Beacons are Bluetooth devices that have the ability to send notifications to smartphones if they are close to a shop offering discounts. Apple introduced this feature for the first time in 2013. Macy’s has been using them nationwide from 2015 to date. Shoppers can receive alerts of the discounts present in any store nearby. Companies such as Urban Outfitters, CVS, and Timberland are also using this technology.
Inventory Management
It is very important to make sure that your shop is in good shape. The result will be chaos if the products that are high in demand suddenly become unavailable. It is understandably difficult for a human being to maintain the record of hundreds of products in a retail store. Therefore, it only makes sense to use smart shelves. Not only can they help in tracking the items, but they can also help to ensure that items are placed in the right places. Smart shelves come with IoT sensors that are even able to calculate the weight of products. These sensors can also remember the particular codes of products. Furthermore, whenever a product is nearing shortage, the sensors can send a notification to the store owner. Next, he/she can easily take steps to place more products in the shop to avoid a shortage.
Store Layout
One of the best features of IoT analytics tools is that they can help you find out the most popular products in your store. Once you do that, you can customize the layout of your store. Put the more popular products on the front rows of the shelves while the lesser popular ones in the back. If the electronic section of your store is more popular than the cloth section, make sure to dedicate a spot to the electronics in a more prominent section.
Robots
IoT Robots are also very high in demand. Many stores in Japan are using robots that can interact with customers and take their orders. They are connected to an internet connection and share the data regarding an order with the chefs instantly. As a result, they can start working on the orders and the food can get ready in no time.
IoT’s applications in retail will continue to grow. The use of AR and VR in conjunction with IoT technology is also increasing. This will benefit both store owners and customers.