Internet Of Things Business Analysis
More than any other industries of this era retail stores are frequently coming in daily direct contact with today 's consumers, who have fully embraced digital transformation in their lives that include IoT technology and overall modernization.
Leading retail outlets are hence developing IoT strategies and plans to take full advantage of IoT technologies to streamline retail malls. Digital Signage use in retail outlets is escalating every day. According to International Data Corporation, IoT in retail has increased from $655.8 billion in 2014 to $1.7 trillion in 2020, as retailers …show more content…
Clubbed with cognitive computing it provides the retailer a better business understanding and hence improving customer 's expectations from the retail outlets.
4 areas are innovated by the retailers who are embracing Internet of Things:
1. Customer In-Store Experience
We (customers) are expecting more and more advancement in our daily shopping experiences. Increasingly we are hoping for personalized service and one-on-one relationship with the brand retailer based on our shopping history and purchase record with the brand.
The retailers combining the data of their regular shoppers from their purchase history and in-store IoT devices forming shopping patterns and thus delivering a more relevant shopping experience to the shoppers. The retailers with IoT can shape the real-time brand experience that reflects customer 's interest and lifestyle.
For example, nowadays very often, we get offers like discount coupons, digital coupons, loyalty rewards, redeem points with the tagline "Only For You" in our registered phone number or email ID (with the retail) that suggest us some merchandise depending our previous purchasing history with the …show more content…
It triggers the real-time inventory action based on the collected data from the beacon, sensors and other smart devices that can be attached to the package, shelves and counters of the in-stores.
IoT-devices also enable the retailer to understand which products are underperforming and high as stocks? What are running out of the stock? And the impact of the environmental condition over a product sale, product-trending or product-out-of-sale. Countless variables are responsible for a retail sale which can be determined better with IoT and Big Data Analysis.
4. Revenue Opportunities
Many innovative methods to gain an advantage over customers are getting identified by leading retailers that increasing the buying experience of the shoppers and revenue of the sellers alike.
Many times, customers in brick-and-mortar left waiting too long without spending money. But their reason for not buying the product remains unknown. With the introduction of In-store app, these can now be identified easily generating text alerts to the customer and thus saving at-risk purchases.
Tickto Beacon, Proximity Sensors when connected with home and retail, can replenish required items more easily and