The retail industry has completely changed with the opportunity to collect and analyze customer data. According to a Verizon survey, 77% of marketers believe that IoT solutions help improve the consumer experience. So let’s show some examples, in practice, of the internet of things in retail.
The internet of things is about everyday objects and devices that have an internet connection, collecting and sharing data through sensors.
In retail, the internet of things can help in several points: attendance, personalized recommendations, inventory control, and even logistics. Have a look:
7 Internet Applications of Things in Retail
A difficult problem to get around is long cashier queues. The more crowded the store is, the more complicated the situation gets, and it is not always possible to invest in more employees for those peak periods.
With the Internet of Things, you can use an automatic check-out system that tags the products your customers have chosen and charges you with your smartphone. Adding this kind of innovation to your business can help you attract and retain more customers and save on staffing costs.
Smart shelves basically work with an RFID tag, an RFID reader, and an antenna. With these devices, you can map all products and notify managers when a product is running out and needs to be restocked.
With this stock control, it is possible to identify the lack of goods and thefts. This can greatly help in optimizing the supply chain and prevents the shelf from being empty.
You can also take advantage of monitoring to gain insights and identify what your consumers are buying the most, so you can increase the supply of that product and decrease the number of products that sell less or even use that information to create personalized deals.
Beacons are location devices that send information via Bluetooth. In the retail industry, you can take advantage of this technology to offer discounts and special offers both to customers and to anyone who is passing by your business.
Macy’s uses beacons to communicate with customers. After downloading the App from the store, consumers are warned about special deals and discounts. The technology also recognizes where the consumer is in the store and uses that information to offer customized products based on the interest shown by the person.
By implementing a sensor with space analysis software, you can study consumer behavior inside the store and how they interact with the layout of your store’s physical space.
For example, you have a sporting goods store. The soccer balls are located at the bottom of the store, and you realize that it is a product which is much requested and sought by consumers. You can use this information to change the positioning of the product and place it in front of the store to attract more customers.
Robots are one of the most significant technological advances that can be useful in many types of businesses, including commerce. They offer a great opportunity to optimize the most operational tasks.
OSHbot, a robot created by Lowe’s Innovation Lab, is a great example! He walks around the store asking if customers need any help. It is able to show the location of some products, price, quantity, size and answer various other questions about the product and about the store. And the best: in multiple languages.
Wallmart also uses robots that go around the stores jotting down the products that are in the wrong place or shelves that are running low, leaving employees free to focus on customer service and timely replacements already reported by technology.
Some companies are using IoT technology to evaluate the performance of various devices and devices by managing power, predicting possible failures and errors.
For example, through sensors, the supermarket analyzes whether the temperature of the food cooling system is stable, functioning properly, or whether any parts need to be changed to achieve better results.
Freight transport is a big part of the cost of goods, and using the internet of things to track the transport through GPS makes it possible to recommend smarter routes taking into account delivery time and safety, so you can understand with precision when the product will arrive on site.