Benefits of Internet of Things (IOT) to the Retail Industry

Alex Wilson By Alex Wilson, 31st Aug 2017 | Follow this author | RSS Feed | Short URL http://nut.bz/3tuaj9g0/
Posted in Wikinut>Business>Business Opportunities

With the onset of digital and internet technologies, businesses have been daily working toward automation of various processes including manufacturing, ordering, selling and checkout among others. This move is not only a fashion trend but also a monumental milestone in the way business is conducted.

Benefits of Internet of Things (IOT) to the Retail Industry

As technological advancements in both the physical and virtual worlds continue spiralling toward complete automation, there has already been realized commendable progress in the interaction between various physical elements with their virtual counterparts. This progress in the business world mostly encompasses the use of smart electronic gadgets, sensors, software and apps to link the two. This interaction, commonly termed the Internet of Things (IoT), has positively influenced the retail industry on several verticals as outlined below.

1. Improvement of convenience and efficiency in checkout

With the Internet of Things, customers in a retail store, be it brick-and-mortar or web-hosted, can conveniently check out their cart using their preferential mode- credit or debit cards, mobile wallets or UPI amongst others with appalling efficiency. Moreover, connected devices like barcode scanners at the Points of Sale (POS) allow the retailers to further optimize checkout.

2. Presents ample business opportunities

With the inter connectivity of devices and services in their business through integration of IT solutions for the retail industry, retailers have more in-depth and clear visibility into their various processes as well as the activities and movements of customers. This way, they can concentrate on helping customers who have difficulty locating specific products. Further, information gathered this way can be used to strategically position particular discount offers and items, leading to increased sales in the long run.

3. Amplifying customer support efficiency

Through linkage of devices and services in retail businesses offered by firms like Jktech.com, businesses can now collect personal customer data and use it to gain insights into their preferences and dispositions besides predicting their next moves. Also, with the implementation of Internet of Things, retailers can now respond to customer needs more accurately, conveniently and with astounding efficiency.

4. Optimization of inventory and supply chain processes

The Internet of Things presents retailers the transparent and real-time visibility into their businesses’ inventory and chain supply processes. Using digital signage, they can accurately track a product from its manufacture phase to the sale stage and beyond. This way, they can effectively curb all profit-slashing components in the supply chain and update their inventories in a timely manner to provide for smooth business procession.

5. Time and cost-saving perks

Through self-checkouts, customers can reduce the overall checkout time, allowing speedier customer flow. Moreover, use of the Internet of Things like digital signage allows retailers to provide all services required by customers with minimal human involvement. This cuts operational costs that would otherwise have to be used up training or hiring human employees. It also optimizes all business processes as smart machines and systems are naturally more accurate than humans.

Conclusion

Evidently, the Internet of Things is no longer a to-be-sidelined addition to any serious retail infrastructure but must-have integration. Given, investing in the Internet of Things like integrating IT solutions for the retail industry will inevitably lead to more productivity, reduced operation costs, laudable customer attendance and retention among other solid benefits.

Tags

Consumer Packaged Goods Industry Solutions, It Solutions For Retail Industry, Smart Retail Solutions

Meet the author

author avatar Alex Wilson
Hey!!! My name is Alex Wilson. I'm working as a Senior Marketing Head in a Leading Company. My interest in researching and writing on technical topics,IT Services, Business, Technology and more.

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