Internet of Things (IoT) and its various applications used in...

Internet of Things (IoT) and its various applications used in Retail industry

By: Retail CIO Outlook | Monday, March 25, 2019

Every innovative idea to generate new opportunities in the retail industry leads towards seamless productivity, improving customer experience, creating new business streams and brands, and boosting operational efficiency.  

Retail industry always aims to increase customer loyalty and deliver the best in-store experience. To meet the customer demand, the retailers are adopting Internet of Things (IoT)

• The IoT solutions help improve the customer experience both virtually and in stores.

• Businesses gain insights into the customer preferences, suggestions, and feedback.

• The Internet of Things also helps in delivering quality products and services to the customer(s). 

The Use of Beacons

The devices can be used to notify customers about discounts, shares, and offers in real-time making them enter the store and make a purchase. The beacons are used for customer in-store navigation, sending push notification messages, and collecting customer data.

Digital Signage

The digital signage helps the retail enterprises to provide more personalized and interactive shopping experience. Ipad screens, digital-out-of-home applications (DOOH), in-store displays, and intuitive touch screens are few of the digital signage solutions that help retailers to impress the customer(s). Digital signage also helps in increasing the profits of sales.

According to an industrial source, the global market value for digital signage is to grow from $19.61 billion in 2016 to $32.84 billion 2023 at a Compound Annual Growth Rate (CAGR) of 7.4 percent.

Automated Checkout

With the Internet of Things (IoT) in use, the automated checkout system will make the customer(s) more happy and willing to re-enter the store again and again. An industrial source estimates that automated checkout can reduce the reliance on cashier and other staff by up to 75 percent resulting in the savings of $150 billion to $380 billion a year by 2025.

Data-driven Store Operations

The data collected from IoT sensors and gadgets allows retailers to achieve superior administrations of store assets, employees and energy usage. IT also helps in enhancing in-store marketing efforts and strategies. It also helps in enabling smart cameras and sensors to associate with real-time location data to program customer traffic patterns and shopping behaviors. 

Check out: Top IoT Vendors

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