There are numerous IoT-related benefits to the retail industry. In addition to reducing inventory error, IoT can optimize your supply chain management and decrease labour costs, ultimately helping your traditional brick-and-mortar shop compete with today’s online-first shopping world. Here are some of the most important ways IoT is changing retail in 2018.
In-store Layout Optimization
Your retail space isn’t optimized for your customers’ behaviour and that’s a surprising fact. Chances are that your least popular products are in the front, or your customers’ prefer more space around the couches in the back. You can use IoT technology to improve your retail layout by employing aisle-analytics software with infrared sensors.
It’s frightening to trust a robot to be your customer service representative but equally fantastic to cut down on menial tasks burdening your workforce. Lowe’s newest robot employee called OSHbot helps customers to find specific products and also provides information on promotions and inventory. Additionally, it bilingual and can answer both English and Spanish questions. Target, a retail store, uses robots to roam the store and take note of misplaced items, or products running out of stock. Target’s robot frees up Target’s human employees to focus on providing top-notch customer assistance by taking over simple inventory tasks.
Optimizing Supply Chain Management
The tracking information that the retail stores get without the help of IoT is pretty limited. You can use IoT to obtain more precise data using RFID and GPS sensors, like how long an item spent in transit, or the temperature at which it is being stored. That data can be used to improve the quality of transportation moving forward and also act in real-time if a product is being kept at temperatures too low or too high, avoiding a substantial loss.