Advantages of IoT in smart retailing
Posted On: May 28, 2020
Smart retailing has put the industry into high gear. The benefits Internet of Things (IoT) technology has accelerated its growth. It is continuously finding ways to improve business efficiency of firms to ensure they stay ahead of their rivals. Grandview Research has predicted that the IoT enabled retail market will be worth $94 billion by 2025 because of its growing popularity among all players.
Working within the framework of some of the biggest retail companies, advantages of IoT applications have radically transformed the retail experience globally. For example, American retail company Kroger installed IoT enabled digital shelves across 200 of its stores, called Kroger EDGE. This move made their stores reduce the usage of paper. Digital shelves provided price details as well as nutritional statistics about all products. As a customer went closer, it also provided video ads and information on various discount coupons. The IoT enabled digital shelves helped Kroger to control light density. Since these shelves were powered by low-voltage currents, Kroger did not need to use extra-bright lighting to ensure a clear view of price tags. Most importantly, this move helped the brand connect better with their customers. The Bluetooth sensors on these shelves connect with a customer’s smartphone, lighting up shelves with products mentioned in their phone’s shopping list.
Kroger EDGE clearly shows how IoT applications can be beneficial in a range of retail services. The power to obtain real-time insights and instantly process them allows stores to build long-term relations with its customers and gain competitive advantage.
Here are some of the applications that maximize the advantages of IoT for retail stores:
Utilizing sensors is one of the core functions of an IoT platform. These devices measure and understand the metrics a business wishes to analyze. IGZY offers a variety of AI-powered sensors that are apt for retail businesses. For example, our people counting sensor counts the number of people who have entered or exited your store throughout the day. It can be used to identify, popular zones in the store and peak hours of business. Our temperature and thermal sensors uniformly monitor the optimum temperature at which goods remain intact as well as customers feel comfortable. Any change in temperature is recorded in the secure database and instant alerts are sent when it becomes unsuitable. Our LHT sensors help to maintain ambient light density across the store. With many such sensors in its portfolio, We provide an all-round solution for all kinds of retail outlets.
With the development of IoT enabled video analytics, businesses can avoid huge investments in manpower to monitor enormous volumes of video data. Video analytics applies AI and ML algorithms that allow cameras to identify people, objects, and learn business parameters. This enables it to process high volumes of footage to provide contextual intelligence in real-time. It has the power to understand and detect specific visual patterns. For example, if there’s a fire emergency in the store, it will instantly alert store managers about it. Connected with sensors, businesses can obtain actionable insights with video analytics. IGZY’s video analytics system provides relevant business insights to a store; popular zones, peak hours, redundancies in security measures, and enhanced in-flow management.
Although footfall tracking is a subset of video analytics, it is of paramount importance to a retail business. Footfall tracking allows managers to understand consumer movement. Analysis of the data has a ripple effect on the store’s functioning. It provides deeper insights into consumer buying behavior and current trends. The marketing team can use this information to upgrade their CX strategies to make it more personalized and relevant. It helps to identify popular products and allows managers adequate time to reorder. The advantages of IoT allow stores to pinpoint popular zones and store layouts can be modified to make it more easily navigable. It helps to optimize the distribution of electricity flow across each store as well.
These applications are critical in enhancing operational efficiency and making retail stores technologically superior. IGZY is at the forefront to deliver the best of the advantages of IoT to its clients. Application of IoT connects retailers with customers. It helps them supervise and understand the mindset behind every purchase and target each and every customer personally on a real-time basis. It provides the mechanism to optimize supply and demand planning by monitoring sales and automating purchase orders. IoT-enabled smart cameras provide exact details about the location and quantity of products. Managers receive instant notifications as and when quantity reduces below a certain level to avoid going out of stock. RFID and GPS sensors provide instant updates during movement of goods. This helps to optimize delivery routes and usage of carriers.
Our expertise in the domain of IoT and its applications facilitates a frictionless transition for retail outlets to become smart stores. We provide the correct solution to retailers so they can do much more with the information they have in hand and take advantage of this promising area. Our approach makes stores future-ready and much more compliant with customer needs, which in turn, helps boost revenue and growth in the long run.
To know more, get in touch with us on igzy.com