Internet of Things (IoT) is transforming the retail landscape in a revolutionary manner. As a retailer, you stand to experience profits going through the roof if you implement the technology sensibly. Application of IoT in Retail is multi-pronged. Its potential is immeasurable which you would become aware of after going through below-mentioned advantages.
Making consumers aware of deals that interest them
IoT can be programmed to trigger alerts whenever sale, discounts, or other exciting offers are available for consumers. Smartphones of consumers connected to your server would receive beacon alerts the moment something lucrative happens. Without a spoken or printed word, you can reach out to niche targets seamlessly. The consequent sales would defy your expectations. A sample campaign was launched a few days back to estimate the potential of IoT in retail through alerts. The result was astounding as sales surged by more than 15%.
These alerts would be issued by a beacon which is a Bluetooth low energy gadget situated at your facility. The promotional material would be distributed through electrical signals which are highly personalized and based on your customer’s’ specific preferences. Connected mobiles would be swiftly alerted through energy efficiency Bluetooth devices. Based on the disposable income of the prospective buyers, beacons would transmit volumes of information useful to them.
Understanding shopping trends
Retail IT solutions find another application of monetizing your business. Sensors positioned in a strategic manner offer valuable insights to your customer service team for analyzing activities that drive optimal shopping experience. Heat maps would capture information about locations and ways where and through which customers arrive at their desired products. Dissection of these data values would help you place merchandise in stores in a manner that would be easily accessible to your consumers. Vacant spaces in your store can be productively populated in accordance with the buying trends. Recently, a new IoT technology has emerged wherein pictures captured by security cameras would be utilized for generating heat-map of your brick and mortar shop. The same would be converted into useful data intuitively for your shop managers to re-arrange products. IoT sensors would continuously map the store and based on shifting patterns would generate actionable heat-maps that can spell tremendous success for your business. With the plummeting prices of sensors, IoT would generate a wealth of information.
Consolidating professional ties with consumers
In earlier times, the warmth of your verbal exchanges played a key role in convincing about your sincerity of intent. However, IoT is fast replacing this traditional method with more realistic and data-driven interactions which have the potential of endearing your brand to prospects indecisive manner. IoT makes the search for a product more efficient. With the use of strategically placed sensors and uploading of videos in smartphone apps connected to the cloud, your customers can switch into your shopping channel anytime and from anywhere. They can take a virtual visit to the shop and populate the cart with products of their choices. IoT sensors deployed by you would keep enriching your shopping database with the behavior of shoppers. Accordingly, you can cater to them and also serve advertisements that are relevant to them. Customers won’t have to wait for your shop to remain open for them to pay a visit. This would bring about phenomenal rise in your returns on investment.
State of the art displaying of products
Another dimension of IoT in retail relates to streamlining of your sales efforts. You can display relevant ads and navigation aids with iPad or other screens to consumers for facilitating smooth shopping. With IoT sensors aware of the preferences of customers, relevant ads would start getting displayed in the shop as soon as the motion sensors detect customers within range. IoT sensors in customers’ smartphones would communicate with shop’s sensors to display a the availability of products and the corner where they are stacked. Digital signage liked to IoT is ushering in a new age of profitability for retailers like you. Customers are also empowered to make informed and conscious buying decisions. The IoT software assesses the buying patterns of shoppers, the time of the year during which they splurge more on particular products, and other relevant info. Based on the same, customers are provided a pleasant shopping experience on their subsequent visits to the shop.
Auto-replenishing of items getting depleted
Often, you have turned enthusiastic customers apathetic to your retail store because they failed to procure the merchandise for which they have paid a visit. With RFID (Radio Frequency Identification) readers installed behind shelves, all tagged merchandise on your shop’s shelves would remain in constant digital communication with the back-office server. The buying patterns of items and their availability would be consistently communicated to your shop’s manager. Based on the feedback, the items would be replenished back on shelves without delay. Further, items with higher sales volumes would be stocked at locations convenient to access for shoppers.
Retail IT solutions would have a far-reaching impact on your profitability. Act faster to embrace IoT for your retailing business.
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