How Internet of Things (IoT) helps retail business
Today, businesses are evolving with technological advancements- so does the retail industry. For example, beacon-based contextual marketing platforms are giving tough fights to an eCommerce business. Smart retail solutions simplify the path to new efficiencies, cost saving, inventory accuracy, smarter marketing, and better customer experiences.
In fact, there are now IoT-centric systems which are helping retailers increase the efficiency of their operations. The use of RFID tags by retailers to increase the efficiency of their supply chains is one of the most well-known examples of early IoT adoption.
Let’s take another example of an IoT-based inventory management system. With the help of sensors, beacons, and RFID tags, the data is collected on the cloud for analysis and delivered to the supervisors. This enables staff to be aware of what is available on the shelf and what is available in the stock room and take further decisions.
Now when it comes to the effective information identification and traceability of products in supply chain, IoT has a large role to play. This is really important for the industries like food and pharmaceuticals which involve constant monitoring of temperature, humidity and other environmental variables.
IoT systems can also help retailers cut down on employee theft and shoplifting by giving retailers the power to increase accountability at all operational levels. With the availability of smart shelves, source-tagged SKUs and video surveillance equipment, keeping an accurate count of everything has never been so easy.
So what you can do with IoT in the retail industry:
- NFC payments
- Automated home replenishment
- Maintaining inventory accuracy
- Predictive maintenance of store facilities
- RFID for item level inventory
- Supply chain inventory tracking
- Sensor-based proximity marketing
- Sensor-based security solutions
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