IoT in Retail: Connecting Seamlessly
Recently, Global Market Insights released a forecast report stating that IoT in the retail ecosystem will surpass the $30 Bn mark by 2024. Another report by Verizon depicts that 77 percent of retailers are firmly convinced that IoT platforms and solutions can genuinely advance customer experience. IoT has made a massive impact on the retail industry and more is in store to come.
Deciphering Shopper Psychology:
Originally, e-commerce marketing was a conserve of big online retailers like Amazon and eBay. Today, this is not the case anymore as retailers are also adopting smart devices like Beacon to watch and learn the shoppers’ psychology. These intelligent devices can only persist in being smarter and sophisticated as IoT technology continues to enhance. For example, some retailers have introduced tracking systems to track a customer right from the doorstep, their path, and the products they are paying attention to.
Removing Checkout Lines:
Many retailers are assessing the possibilities of eliminating the checkout queues using IoT. To some degree, this had worked when the first ever checkout free grocery Amazon Go was divulged. In a nutshell, a customer uses an app to check into the store and pick the needed items. It is obviously in its infancy stage however, once proven viable, it could considerably transform the way brick-and-mortar retail shops function.
Smart Shelves and Fleet Management:
Small and big retailers, both face one common denominator, having adequate stock in the right place and at the right time. However, IoT has shown the possibility of eliminating this vexing problem by taking RFID technology and using it to develop goods tracing for retailers. For example, Macy’s practices RFID tags that can be interpreted using handheld RFID scanners to keep track of all the products within their stores.
Beacons have been advertised to spawn the next retail revolution given their suitability in customer appeal. These unique Bluetooth transmitters send push information to customers’ smartphones within the business range inferring them on available discounts and exclusive offers. Given the size of their mall, the products can be easily attached to counters or walls. Beacons are also relied upon by retail firms in data collection through tracking the navigation behaviors of consumers. Once linked with data from other mobile apps, retailers can with no trouble improve sale and enhance customer commitment by targeting the suitable shoppers. Generally, this is how beacons are estimated to operate. Together with other smart devices, sensors, and digital signages accumulate data.
Digital signages are assisting retailers to create a personalized shopping experience. Signage solutions like intuitive touch screens, Ipad screens, and digital-out-of-home applications can be used by retailers to amaze their customers hence augmenting sales. They can also be utilized by retailers to push price differences and ads in real-time. This is because they can be programmed using the accrued contextual cues from the customers to institute connections. As a result, marketing expenses for the retailers which would have otherwise gone into advert placement on the traditional print media are removed.
Creating Smart Stores:
Most citizens are familiar with smart homes, but retailers are exploring the possibilities of running smart stores given the massive money-saving opportunities.
Integrating HVAC systems, security, and lighting with IoT technology has confirmed feasibility in terms of energy costs saving. Automatic On/Off lighting in some areas depending on how that meticulous space is being used or even setting the temperature inside cooling systems may seem tedious–but the cost-saving benefits cannot be ignored.
Whether in an online business or the ancient bricks-and-mortar retail business, IoT has positively impacted the business world. It is completely changing retail marketing and everything about it. As a replacement for of the traditional marketing methods, digital platforms are riding on IoT to target audience via custom-made marketing and shopping experience.