How is IoT changing the future of retail?
As countries around the world start to find their feet again post-Covid, governments are beginning to put in place recovery strategies. And like many industries, retail is having to find ways of progressing in the ‘new normal’. To keep up with rapidly developing e-commerce competitors, retailers must find a way to reduce overheads while increasing profit. The Internet of Things (IoT) is set to do just this.
IoT is improving customer satisfaction significantly throughout the retail industry. While larger companies have been implementing IoT systems for a long time, SME’s are now starting to understand the positives it can bring to their own co-operations. And, as the demand for these systems increases, the cost goes down making it much easier for SME’s to access IoT technology.
So, in what ways is IoT changing the future of retail?
Customer satisfaction monitoringIoT technology is being used to enhance the customer experience and reduce costs. In simple terms, IoT is a network of physical objects that are embedded with software, sensors and other technologies with the purpose of exchanging data through the internet. IoT can provide businesses with everything from smart lighting and digital signage, to sensors and radio frequency-identification. Retailers are able to understand the consumer and potential consumer, allowing them to further their connection with customers. Personalisation means retailers can recognise shopping patterns and search trends. This means they can create a space tailored to their specific customers. Physical customer satisfaction can also be reached through this technology. For example, it is possible for retailers to use IoT data to predict the wait time for in-store queuing. This is essential knowledge following the pandemic as it gives customers reassurance that they will be seen quickly and efficiently.
Supply chain managementGPS and RFID IoT technology allows companies to track goods from warehouse to final destination. Retailers can then have a clear understanding of the future storage conditions as well as predict delivery times. Some technology even reports back on the location, temperature and humidity of storage spaces to ensure products are kept in ideal conditions. The main benefit of this version of IoT technology is that it can avoid loss and prevent product damage. These systems can also help to track company assets. For example, shops and supermarkets can track shopping trolleys or baskets if they have left the shop and ensure there is no damage done to them. This is usually achieved by installing sensors onto these assets.
Shop managementIoT technology is allowing companies to install forward thinking management systems in their shops. And as shops closed during the pandemic, online shop management was essential. Creating efficient online spaces for their products meant that the retail industry has been propelled into the future. Amazon Go is an example of a successful, large-scale IoT implementation. Complete with cameras, sensors and an app, Amazon Go’s systems allow customers to simply scan their phone before leaving with their purchases. Replacing human cashiers has allowed the company to save money on labour as well as cutting out any unexpected issues such as staff illness.
t-macFuture-proofing your business is essential as the UK starts to recover from Covid-19. We use our IoT metering and controls systems to provide businesses with energy control and efficiency. At t-mac, we stay ahead of the curve. Our forward-thinking technology and data driven solutions allow us to supply companies with a bespoke service tailored to their needs. We deliver a service that fully integrates your critical energy systems into one remotely-managed platform. These services provide you with visibility of all your systems in any of your buildings including heating, lighting and ventilation. Which allows you to identify inefficiencies and reduce overheads at the touch of a button.If you are interested in hearing more on t-mac’s IoT-enabled solutions get in touch or download our guide today.
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