The Power of IoT in the Retail Industry
The retail industry is witnessing a rapid transformation, with Internet of Things (IoT) solutions assuming the primary role in the sector. IoT can help offer a personal touch to a consumer’s experience, improve productivity and inventory management for companies among other profitable applications. The need for delivering exceptional consumer experience and increasing customer loyalty is driving the adoption of IoT in the retail sector.
Smart shelves are one such alluring IoT application that has a capability to automatically monitor inventory and send alerts to managers when an item is running low or close to expiration.
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Beacons are devices that leverage low-energy Bluetooth connections to send alerts and push notifications to a consumer’s smartphone once they are in the vicinity of a store. Additionally, retail companies also use beacons for customer in-store navigation, sending push messages, and collecting customer data. Robots have the potential to significantly change the retail sector and companies have already started to integrate them into their work to gain a competitive edge.
Digital signage solutions such as I-pad screens and digital-out-of-home applications (DOOH) help retail companies provide personalized and interactive shopping experience and impress customers and increase sales. Using IoT technology, these solutions can easily display advertisements, and be successful in creating logical ways to enhance the in-store experience.
IoT will revolutionize and build innovations for the retail industry in the future. The integration of IoT solutions will empower retail companies to run successful marketing campaigns based on customer behavior, deliver high-quality services, improve inventory management, and reduce operational costs.
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