Will IOT set off a new Revolution in Retail Industry?

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Evidently, The Internet of Things (IOT) has already crossed the traditional industry boundaries, as companies are now combining equipment, detectors as well as figures to deliver new level of services to their customers. The IOT combines a huge array of technologies that include hardware, devices, sensors, apps, connectivity as well as data to the cloud. With progressively refining technology, businesses are now able to interconnect to facilitate enhanced user experience and interactions, creating added services for the customer, exploring new growth opportunities. The IOT is largely connecting people; machines and services to reorganize the stream of information and amplify consumer experience and most importantly, enable real-time decisions. 


Leading retailers are already putting in billions in the IOT and getting returns that vary from resourceful inventory management to real-time marketing that grows sales. The retailers have begun to realize that Internet of Things is here to transform their business practices and recognize that, sooner or later, the IOT will reach nearly every area of retail operations and consumer engagement.  


Tech-savvy retailers are now looking to add a competitive lead and are installing smart shelves that detect when the stock is low and RFID sensors effectively track goods all the way through the supply chain, along with bespoke systems that send personalized digital coupons to the purchaser as they come in the store, and sensors that examine the quality of consumable items. Also, the existing CCTV cameras are leveraged for Video Analytics that can activate real-time automated alerts which helps the store associates to stock up the shelves, in time and serve customers in need. 


Also, RFID and IOT sensors are used by retailers to get an improved visibility into the inventory and fresh stock. IOT can enable an active re-routing of delivery vans which is based on weather forecasts and also on real-time traffic updates. The best part is, all of these not only result in customer satisfaction, but also, being a retailer, you can save yourself a lot of time and money.


Moreover, there are now sensors fitted in the refrigerators as well as in lighting equipment, for the purpose of automated energy usage and to benefit the retailers and help them save energy. IOT also finds its application in some of the other retail innovations like Fleet operations monitoring, Digital signage, Cold chain and perishable tracking, Sustainability monitoring, automated store lighting and more.  

Last update: Aug 20, 2016

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