Internet of Things (IoT) is a buzzword that has taken the world by storm over the past few years, and a revolutionary technology that will continue to shape many industries in 2020 and beyond.
Retail is one of the spheres that have experienced the significant impact IoT has on business. Those who adopted this technology argue that it has helped them improve customer experience both online and in brick and motor stores. Additionally, it has offered them comprehensive insights on customer preferences, thus allowing them to better understand their clients’ problems and needs.
There are many ways in which IoT has transformed the retail industry. They include:
Customer behavior
Just like you can track customer behavior online using an array of tools, you can learn more about your customers’ needs, preferences, and overall behavior in a brick and motor store using IoT. Interesting, huh?
With IoT, you can connect smart sensors and cameras. These devices map customer location and provide you with real-time insights that help you understand your clients’ shopping behavior.
By incorporating IoT in your store, you simply argument a client’s shopping journey. This enables you as a retailer to provide efficient help to customers, which in turn leads to brand loyalty, credibility, and reputation. With this, your clientele populace grows, which means you generate more revenue for your business!
Inventory management
In the past, the main reason why most entrepreneurs didn’t want to get into retail is because of inventory management. This is a task that requires expertise, not to mention investment in time, energy, and technology.
With IoT, inventory management is no longer a vicious cycle. It enables retailers to easily monitor their inventories and make wiser decisions when restocking their shelves.
With IoT, you don’t need to employ a person to remind you when you need to replenish particular products. All you need to do is set up notifications, and you will receive this information in real-time.
If you have the budget, you can install smart shelves in your retail store, which will notify you whenever you are out of stock. Also, they will help you alter the price in a matter of minutes.
With IoT, inventory management is super easy, and it’s something you can do on a cruise or while you are at the Kentucky Derby horse race checking your bets.
Automated online orders
One of the most significant benefits of IoT in retail is that instead of sending you notifications when you are out some products in the inventory, it can order it automatically, which makes restocking a walk in the park.
What makes it even more interesting is that smart devices can be connected to your customers’ homes. This making it easy for some appliances, such as smart fridges, to automatically order products from your store when supplies run low.
By connecting your clients’ home with your store through IoT, you not only give them an unmatched customer experience, but you also go a long way in creating robust mutually beneficial relationships that can lead to business growth.
Theft-prevention
IoT is one of the best security measures you can implement in your retail store. Apart from strengthening the CCTV surveillance and Electronic Article Surveillance to prevent shoplifting, this technology makes it nearly impossible for employees and suppliers to steal products (this happens)!
Since employees and suppliers have access to various sections of your store, some of them might steal products without your knowledge. IoT helps you track your supply chain and inventory in real-time, therefore letting you know when something was taken, and the person who took it. This goes a long mile in protecting your business from unseen losses.
IoT is one technology you should adopt if you want to transform your traditional retail store into a haven that provides clients with personalized experiences and utmost convenience. IoT provides you with a golden opportunity to improve brand reputation, boost customer loyalty, and gain an edge over your competition. Don’t hesitate to grab it!
