The retail industry is being treated with some exciting innovations through sensor-driven applications.
FREMONT, CA: Real-time information regarding product availability and demand can enable competitiveness among retailers. This kind of information is also crucial to deliver unmatched customer satisfaction. Today, sensor technology is empowering retailers to have access to data from any point in the supply chain. By adopting sensors, retailers are getting an opportunity to get unmatched visibility across customer touchpoints as well. Data accumulation had never been so convenient for retailers before. There are several ways in which retailers can leverage sensors to improve business models and services. Some such applications are mentioned in this article.
• Check-Outs Made Easy
Long queues at the billing counters in retail stores become a deterrent for many customers and prevent them from purchasing products. It is unprofitable to pay multiple employees to work during busier shopping times. Sensor technology enables retailers to set up systems where customers can take the required products and walk out of the stores. The sensors at the exit are capable of reading the tags and generating bills automatically. Subsequently, the bills are used in mobile payment apps to complete the transaction. Such functionalities would make customers happier and promote business even during rush hours. Automated check-outs can also save retailers time and money.
• Smarter Inventory Management
• Adding Value to Supply Chain Management
Although tracking of products in retail stores has always been carried out without deploying IoT devices, there exist certain limitations. RFID and GPS sensors allow retailers to gain access to precise data through IoT. Such information helps monitor and manage supply chains and storage facilities better. Even transit facilities can be streamlined by utilizing sensors. In the process, supply chains are optimized, lags in transportation are reduced, and losses are minimized.
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