IoT, Big Data technologies are increasingly being leveraged in the retail industry. There can be many advantages of making use of technologies like these, including increasing profitability and gaining a competitive edge.
Here are 2 of 4 ways IoT, Big Data tech can be used to transform the retail industry. Stay tuned for the other 2 coming up in the next blog post.
1. Optimizing the supply chain
Keeping track of inventory as well as products throughout the supply chain is important. Sensor technologies, such as RFID, can be used to track products so that you can know where they are at any time. This can further be extended to customers knowing where their orders are at any time. In addition, products can have sensors to determine whether they have been damaged and in the case of damages, where and when it occurred.
Inventory can also be tracked and items can be automatically reordered whenever inventory is getting low to limit any shortage of inventory. This goes for shelves in the stores as well. They can have sensors that notify personnel when the shelf is low on products.
In addition, technologies can provide dynamic pricing which may change in real time. The price can then for instance increase with high demand or change due to a trend or a happening. The price should then automatically be updated on each shelf with\ that respective product as well as in all systems, like cash registers, online shopping etc.
2. Reinventing the shopping experience
Customers’ shopping experience can also be transformed with IoT, Big Data tech. Being able to pay with their cell phones and therefore skip the line at the register is just one perk. Retailers could also implement cameras and sensors inside their stores which can recognize who their customers are and due to large amounts of data collected from different sources, customize the shopping experience for each customer by for instance dimming the lights for some, modifying posters, or even which products are being showcased.
Fashion stores can in the future have mirrors where it will look like you are trying on clothes that you select, but where you don’t actually need to physically put them on. They can also show details about each product right there on the mirror.
And for stores where you use carts, we might be seeing self-driving carts not too long from now.
This whole change in shopping experience can contribute to a very important competitive advantage for retailers and staying ahead of the competition with respect to implementing these technologies can be the most important decision.
Keep an eye out for Part 2 of this article.
Learn from top retail thought leaders at IoT, Big Data Retail Summit
IoT, Big Data technologies and what they can do for retailers in order to increase profitability and gain a competitive edge is the focus of IoT, Big Data Retail Summit taking place at St. Andrew’s Club in Downtown Toronto on November 15-16, 2016. Meet top retail thought leaders and join the conversation. Download the brochure: Click Here
Register today to secure your spot: www.iotevents.ca/iot2/event/retail
Some of the participating retailers and organizations include: