07th May, 2018
, , Designation
What is it that you find common between Rebecca Minkoff’s in-store dressing room with smart mirrors and Amazon’s dash button? Both exemplify a trait of making the life of consumers easier. That is what IoT does – it makes the lives of consumers not just easier but also gives them a delightful experience.
A happy consumer equals to happy retailer, seems super sorted, isn’t it? It is this equation which has made IoT the hot topic among retailers these days as this concept has indeed revolutionized the retail environment and there is a remarkable shift in the way retailers address their consumers today.
According to an industry survey, 70% of retail decision makers across the globe are ready to adopt IoT to improve customer experiences.
Today, retailers have started leveraging IoT for driving innovation at work. This has helped them better understand the buying behavior of their customers and equipped with that knowledge, they are able to create better reaping plans, fine-tune their offer timings in sync with the most favorable time, blast customized offers which are certain to convert and much more.
Basically, in the volatile and dynamic space, such as retail – IoT has enabled the retailers to have a decent view of the future, and accordingly prepare in advance. What more can you ask for after all!
Let’s take a sneak peek into the couple of ways in which IoT adoption can revamp your business:
Improvised Customer Experience
IoT enables an ecosystem which connects the digital and the physical worlds, allowing real-time interaction with customers – both within, as well as outside the store. All the data generated by these interactions can be used in multiple ways to further enhance their brand-experience.
Even the customer movement tracking done through sensors within a store, can help you improve your store layout including merchandize placement. All this resulting into the provision of a more personalized experience to your customers.
Smart Supply Chain Operations
Embedded sensor technologies which allows even remote bidirectional communication will ensure that you get updates regarding any possible demand or probable glitch or even a demand surge and accordingly you can manage any surge or any crisis even before they arrive.
Ultimately, it will help you create demand-aware warehouses. Such smartness embedded into the supply chain management system is something which businesses can ignore these days only at the risk of obsolescence.
Optimised Equipment Maintenance
Managing the normal operations of equipment provides data with which you can detect a failure or even predict one and accordingly action the same. For example – the lighting in a retail store or even the refrigeration units in a grocery store, when fitted with IoT enabled sensors can monitor any power fluctuations and apprise you beforehand of any possible hazard.
Tracking and optimization of the route is now possible with IoT-laced GPS. While GPS has been into use since quite some time now, you can make the output more precise and accurate with IoT. Ultimately, making the whole process much efficient, quicker and seamless.
In many more ways, IoT is revolutionizing the way retailers operate, however, it is important to understand that IoT is more than just sensors and connectivity.
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