Internet of things has evolved many business sectors especially retailers around the world. It revolves the way people shopping by generating interconnected network through various devices which allows prospective customers access the personalized shopping experience. Internet of things IOT is on its way to transforming the retailers through these following ways:
1. Tracking Customer Path
IOT allow you to track the behavior of the customer through various ways. You can utilize the camera or localized the customers as they enter your store. This way you can observe and analyze how are their shopping behaviors from the beginning where they enter your store until what the end where they’ve decided to purchase the items in the cashiers. At this point, you can provide services based on the customer behavior which may boost your brand reputation and improve customer loyalty which means more profits.
2. Display and Placement Management
As you’re following your customers in your store through IOT, you’re enabled to gather the information on how the customers make decisions on their purchasing and how long they get into the final decision. At this point, you can use the information to improve your display arrangement so they can be more attractive which encourage customers to purchase the items.
Monitoring the inventory in real-time is enable through the IOT which allows you to decide when and how many you should mutate items from the storage or other items from the supplier for restocking. You can set minimum quantity on the IOT so it can give you a notification when you need to restock particular items, there will be no lack of stock. This also allows you to manage price in a practical way
4. Online Orders
Not only detecting the lack of stock, IOT can also be set to order those particular items. In addition, customers can restock the particular items using their smart devices. The IOT has improved the smart home living, for example, smart refrigerators are now available in the market which allows them to order particular items they run out directly from its interfaces. At this point, IOT enhances the connectivity of retailers and smart home customers which allow you to increase the brand awareness.
At the technical point, if view, IOT can prevent any theft activities in the retail chain. It’s due to capabilities of IOT to track the inventory real-time from the delivery, storing, and displaying. You can easily find any items coming out from your inventory anytime, this will reduce the potential loses.