4 ways Internet of Things (IoT) Applications is changing retail industry is a network of connected physical objects embedded with sensors. IoT allows these devices to communicate, analyze and share data about the physical world around us via networks and cloud-based software platforms. Internet of Things is the talk of the town over in construction, manufacturing, healthcare, transportation and home automation. But we are yet to fully tap into the potential of IoT driven solutions to trigger disruption in and deliver value to the consumer retail industry
Plenty of countries are plagued by an ageing population and rising labor costs and retailers as a result are turning to digital solutions to reinvent supply chains. With IoT, you can set up a system to read tags on each item when a customer leaves the store. A checkout system would then tally the items up and automatically deduce that cost from the customers’ mobile payment app. Creating an automated checkout system using IoT devices would make your customers happier and more willing to enter your store, especially if they are on a time crunch.
With IoT, you can set up sensors around the store that send loyalty discounts to certain customers when they stand near products with their smartphones, if those customers sign up for a loyalty program in advance.can use IoT to track items a customer has been looking at online, and send that customer a personalized discount when in-store.
Smart Shelves help to automate both of those tasks, while simultaneously detecting potential theft. Smart shelves are fitted with weight sensors and use RFID tags and readers to scan the products on both display and stock shelves. Smart Shelves inform you when items are running low or when items are incorrectly placed on a shelf, which makes your inventory process cost-effective and more precise.
Optimizing Supply Chain Management
While retail stores can already track products without the help of IoT, that tracking information is pretty limited. With RFID and GPS sensors, you can use IoT to obtain more precise data, like the temperature at which an item is being stored, or how long it spent in transit. This information helps you ensure your process is running as efficiently as possible, and can help you get your product into your customers’ hands faster.
All of the above is just some of the things and possibility for make use of the IoT in the Retail industry. Feel free to contact E-SPIN for assist in monitoring your IoT infrastructure, security testing and continuous protection and related requirement.