How the Internet of Things is helping retailers become smarter
The Internet of Things is not just a trend that is helping retailers sell more items in the form of consumer-oriented IoT devices. Beacon based contextual marketing platforms are also helping retailers compete with eCommerce sites.
It is not just the public facing side that is being transformed due to the Internet of Things. There are now IoT-centric systems which are helping retailers increase the efficiency of their operations. The use of RFID tags by retailers to increase the efficiency of their supply chains is one of the most well-known examples of early IoT adoption. With the use of RFID tags, retailers can ensure a high-level of inventory accuracy, reduction in out-of-stock situations and decreased shrinkage.
IoT-based inventory management systems bring more visibility into the process. This is made possible by creating a system based on sensors, beacons and RFID tags. After setting up the hardware, the data is collected on the cloud for analysis and delivered to the supervisors and other decision makers in the form of mobile and desktop applications. Such a system can then be used for ensuring that the staff is aware of what is available on the shelf and what is available in the stock room and rapidly move the needed inventory to the right place.
Using IoT technologies also helps in improving the traceability of goods while they are a part of the supply chain. This is useful for companies involved in businesses such as food and pharmaceuticals which involve constant monitoring of temperature, humidity and other environmental variables.
IoT systems can also help retailers cut down on employee theft and shoplifting by giving retailers the power to increase accountability at all operational levels. With the availability of smart shelves, source-tagged SKUs and video surveillance equipment, keeping an accurate count of everything has never been so easy.
Beacon-enabled mobile app – Empowering retailers with interactive marketing solution
ShopperTrak was looking for an in-store beacon based marketing and advertising solution for casino, resort, and mall. Softweb Solutions developed a mobile application that completely represents the idea of BLE engagement.
What you can do with IoT in the retail industry
By 2017, seven of the 10 largest retailers will use indoor positioning systems, combined with mobile apps, to aid shoppers in quickly locating departments and products.