THE FUTURE OF SHOPPING:
IoT APPLICATIONS IN RETAIL
This is MerchanX for Smart Retail
IoT is changing numerous aspects of the retail sector,
from customer experience to supply chain management.
Elevate the consumer experience
Real-time promotions and interaction
Increased sales and reduced customer churn
Detailed customer segmentation for targeted marketing
Detailed analytics via admin back end
Indoor navigation guidance
Align goals with customer interest
Measure success of ad campaign
ENHANCED SUPPLY CHAIN MANAGEMENT
IoT solutions can help retailers get a comprehensive picture regarding the movement of goods from manufacturing to when it is in-store to when a customer buys it. The information gleaned—such as the time spent on transportation, or the temperature at which the product was being stored etc.—can be analyzed in real time.
IoT also helps brick and mortar retailers by generating insights into customer data while opening opportunities for leveraging that data. For example, retailer IoT applications can synthesize data from video surveillance cameras, mobile devices, and social media websites, allowing merchants better to predict customer behavior.
SMARTER INVENTORY MANAGEMENT
Inventory management can be a headache. Lack of accurate tracking for inventory can lead to stock-outs and overstock, costing retailers around the world billions of dollars annually. IoT can tackle these issues by automating inventory visibility. By applying smart inventory management solutions based on store shelf sensors, RFID tags, video monitoring, and digital price tags, retail businesses can enhance procurement planning. When product inventory is low, the system offers to re-order the adequate amount based on the analytics acquired from IoT data.
If you have frequently returning customers, we bet you’d like to reward them for their loyalty. 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 these customers sign up for a loyalty program in advance. Additionally, you can use IoT to track items that a customer has been looking at online and send that customer a personalized discount once in-store.