How the Internet of Things is Transforming the Retail Industry

Updated: Dec 7, 2020

IoT is revolutionizing many industries, and the retail industry is one of them. There are various ways in which IoT technology is transforming this industry; some of the main ones being customer experience monitoring, supply chain monitoring, asset tracking and cost reduction. Let us have a look at them to understand how you could start improving your retail business.

Customer Experience Monitoring

Smart Feedback push buttons offer a good way of collecting feedback from customers. Multiple colour-coded buttons placed at strategic locations within a retail store would allow customers to rate their shopping experience at a touch of a button. IoT technology enables the gathered data to be analysed in real time such that necessary changes to improve the customers' experience are implemented in the shortest possible time. Smart digital signage is another way of improving the customers' experience. With IoT, digital signs can be controlled remotely in real time to display promotions and can be integrated with IoT devices to display messages to the customers.

Supply Chain Monitoring

IoT supply chain monitoring is becoming more and more popular and is very beneficial in the retail industry. This enables retailers to monitor their products throughout the whole supply chain, which improves quality control, product traceability and customer service. The latter is achieved by providing the customers ways of tracking their purchases and informing customers when a particular product will be back in stock. IoT supply chain monitoring is not limited to location tracking but also enables the user to monitor other information, such as temperature, tilt, and humidity.

Asset Tracking

Low-cost IoT devices can be installed on assets like shopping baskets, trolleys, tools, and pallets to prevent customers and workers from carrying them past a checkpoint or taking them out of the premises. By implementing this system, it would also be possible to locate lost or stolen assets, and to easily maintain asset and inventory records.

Cost Reduction

IoT customer experience monitoring eliminates the need of employing personnel and printing survey sheets, which would cost more and may be less effective. Customer experience also has a considerable impact on the business' profitability. Tracking assets also reduces cost by lowering the number of stolen or lost assets that have to be replaced. Smart meters and door sensors are two other applications which could reduce costs.

Get in touch with IoT Solutions Ltd. now to start transforming your business, and to ensure the best device and network layer choice for your application!