Top 9 Retail IoT Use Cases
Internet of Things (IoT) is one of the major drivers for third industrial revolution. Connectivity of things affects and will continue affecting business in future. In my previous blog, I have furnished details of some IoT use cases in manufacturing. Today, I will be writing on some noteworthy Retail IoT use cases that demonstrate positive Return-on-Investment (ROI). Here it all, goes for you.
9 Retail IoT Use Cases
#1 Deeper Consumer Insights
Customer intimacy definitely pulls in more revenue. Every consumer shopping experience counts as a digital experience for intelligent devices. Analysing these copious amount of in-store customer navigation data generated from these devices, retailers can improve customer in-store shopping experience.
#2 Smart Digital Signage
Placing the right displays in the right positions with the right messages offers shopper engagement opportunities. Utilize digital signs to showcase new inventory, close-out promotion and measure message effectiveness. Even sensor data can be used to couple stockroom and on-shelf inventory along with additional price regulation features.
#3 Improved Customer Service
Prevention is always better than cure. Henceforth, intelligent workflow development for beforehand identification and resolution of issues becomes essential. Leveraging a connected store management solution, a retailer can streamline the process of inventory issue notification, automatic triggering of replacement request and lot more.
#4 Loss Prevention
Shrinkage, loss and fraud are few of the problems that every retailer faces. Various causes like shoplifters, employee stealing, organized crime and more are accountable for this problem. To prevent or at least reduce the number of frauds, retail IoT brings in an additional protective layer through use of smart in-store technologies.
#5 Omnichannel Retail
Creating and generating revenue from multiple channels concurrently is certainly more beneficial than revenue generation from a single channel. Henceforth, retail IoT opens the gate of Omnichannel Retail, that is, in-store retail, mobile retail, digital commerce, connected retail and more.
#6 Personalized Retail
Retailers prefer guaranteed profit margins, strengthened customer loyalty and increased mobile and e-commerce balance. To meet up to their own expectations, they personalize consumer shopping experience with arrangements for graceful customer entrance, personalized offers, feedback reporting, satisfying customer service and lot more.
#7 Smart Shelves
A perfect digital retail demands a continuous inventory balance between that on shelves and that in back room. An absolute number of inventory in storage never gives a clear picture of the inventory available on the shelves. To prevent this lack of visibility and mishandled stocking, it is high time for retailers to use sensors like cameras, beacons, RFID tags, store shelf sensors, digital price tags and smart displays to link these two data sets.
To manage the complex supply chain from end-to-end, it is necessary to trace the inventory and its treatment & condition throughout the supply chain. Launching a product in market is certainly not enough, product recall is sometimes equally important. An easy way to improve traceability in retail is through use of RFID tags.
#9 JIT Promotions
Online retailers gain a competitive edge over traditional brick and mortar retailers because they know the perfect time to hone in on demand. Encashing the demand, digital retailers identify customer requirements and seamlessly cross-sell and up-sell products. Leveraging digital intelligence, retailers provide demand shaping deliverables along with other relevant discounts.
Hope by now, you have correctly spotted out the Retail IoT use cases that you are going to implement very soon. I will be back very soon with some other IoT use cases relevant to some other industries.