7 Ways the IoT is Changing Retail in 2019
The Internet of Things, or IoT, involves a system of devices that can connect and exchange data with other devices. Now many businesses from various industries increase their optimization using this system, especially those in the retail industry.
The ways in which retail has integrated IoT into their businesses can range from monitoring progress in real time to making shopping more convenient for the consumer. Convenience usually means the consumer is more likely to make a purchase. IoT benefits businesses by helping them save:
Keeping Track of Product Performance
Smart cash registers can come with software and apps that allow you to get sales data by the day. Small businesses that are mostly internet-based could see how often a product page is visited, how many favorites it has, and how many shares it’s getting on social media. IoT generally allows retail business owners to compare how well one product is doing to another.
Another significant detail is customer feedback. Businesses can fine-tune their products and services based on consumer requests and issues. The best part is that companies can directly respond online and solve problems immediately.
Integrating Physical Brick and Mortar Stores
Managing utility processes are extra, non-business-related tasks to keep track of. With IoT companies can set up systems to automate any of them. This way, owners can focus more of their time on urgent business tasks.
Cameras don’t only have to be used for security reasons. They can now be used to monitor daily traffic in a store. This new data is best utilized for determining which days or times of day have the busiest traffic.
Device Interaction from a Distance
This is becoming a standard not just for consumers but the retail industry, as well. Rather than manually handing out coupons, you could send them to consumers via email or app. Push notifications could also be sent to alert users of upcoming store events.
Consumers would be able to purchase products from you while in their own homes. This method could be used for both delivery and in-store purchases. It’s less of a hassle for your customers.
Sending and Receiving Data Immediately
The retail industry is very busy and, therefore, requires significant information right away. This is why IoT is being used to obtain data in real time. It allows retail businesses to analyze the data sooner, which comes with these benefits:
- begin solving any problems right away
- make changes and improve much faster
- plan ahead based on patterns in the data
Learning about Your Customers
Here are some details your business can collect about an average consumer’s retail experience by utilizing IoT:
- which part of the store people are more likely to flock to
- the average amount of time a consumer spends in the store
- which items are most commonly bought together
In addition to the average consumers are the individual repeat consumers. You can get data on how often they visit and what they usually buy. Use this data to send them coupons specifically tailored to them.
Automated Inventory Tracking
One day, an item doesn’t sell much. The next day, however, the same item suddenly sells heavily. Here are some reasons retail business owners should use IoT to track their stock:
- you’ll be alerted of low inventory
- you could plan ahead and restock before running out of items
- stock shipped to your store can be tracked to help prevent loss during delivery
Inventory tracking is done by shelving that is connected to the internet. Though it sounds like an idea fresh from a science fiction movie, this type of shelving proves how integrated IoT has become over the years. Such an item is worth the investment, especially if you run a store with a relatively large inventory.
Bringing Your Business into the Future with Robots
Robots might be too expensive for you right now, but it’s still important to see how they are being utilized by retail. They could be used to direct confused consumers to where they need to go. Robots can access items on a shelf that consumers may not be able to reach.
A more affordable robot for your store can be a chatbot. Visitors of your site may have questions about recommendations for which product they should buy. They could also provide details on an issue they have so they can be sent to the right support department and, thus, be helped sooner.
Utilizing IoT means that retail workers can narrow down their focus to building and improving their business. Many tasks can be automated, saving your business time. All kinds of significant data can be obtained for the purpose of pushing your company in the right direction.
Consumers will benefit because they will get their products and help they may need sooner. Technology is constantly increasing the convenience of everyday tasks, including shopping. If you use IoT for your retail store, then you’ll be more likely to outshine your competitors and gain more consumers.