What does the Internet of Things have in store for us?
The IoT and smart devices market has become slightly saturated, changing the traditional retail industry and shifting customer expectations. How many choices do we have? Well, each day we face thousands of decisions, and it seems that the Internet of Things will only bring us more.
For the retail industry, this advanced technology enables the development of a framework in which responses and solutions can be designed and implemented quickly and easily. These powerful technologies have the capability to integrate relevant data, define patterns almost instantly, and utilize advanced techniques to develop highly targeted solutions.
To be more specific, in retail, the Internet of Things brings new opportunities that ultimately can improve your business activities.
The retail industry is all about consumer experience. According to a study, consumers intend to purchase a connected home device by 2019. During the acquisition process, the consumer needs to feel empowered, meaning that he needs to feel that the decision belongs to him and he can take it whenever he wants. Moreover, they don’t want to receive general information, they would rather search on their own for a solution. Besides, combining data from IoT devices with customer shopping histories it’s a great opportunity to create a one-on-one relationship with the brand, find patterns and deliver a more relevant shopping experience.
For a brand, the data collected can be particularly valuable for assessing the communication with a consumer and also for helping improve it. Data stored in IoT sensors and devices will allow retailers a better way of managing store assets, employee labor, power usage and support in-store marketing efforts. The data will provide real-time insights to store management and employees efficiencies.
Inventory and supply chain management
IoT solutions can help retailers monitor inventory in new ways. For example, IoT – enabled systems can trigger real-time inventory actions based on data from high-resolution cameras and sensors on packages, shelves and other assets.This information can also be analyzed for a better understanding of what’s underperforming and overstocked. IoT technology, also helps you to monitor raw or finished materials, which will have a significant influence on inventory management, sourcing strategies and logistics costs.
Retailers that lead in the adoption of IoT systems and solutions will gain a significant advantage in a hyper-competitive environment.The above-mentioned trends indicate that there is likely to be a large-scale adoption of IoT in the retail sector. And if this continues, IoT is sure to be a beneficial disruption for the retail industry in the coming years.
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