IOT or widely called “Internet of Things” has somehow become “Internet of Today” in current scenario. More than Machine to machine communication it has slowly evolved into a fact of life. There is no field left, which it hasn’t touched and revolutionized to the every extent possible.
Retail, is also one of the areas which is under its tide and IOT is revolutionizing everything from the Inventory management system to the traditional marketing. It is helping retailers attain enhanced customer experience and increase their revenue.
It is slowing changing the face of retail; with the advent of more and more devices it is bridging the gap between the customers and retailers. We can consider the few scenarios to highlight its impact:
Tailor your cloth: Buying clothes online has never been easy as it is quite difficult to get yourself the right fit. But, with the advent of sensor enabled body scanner, IOT can make buying clothes a lot easier to ensure that the cloth always fits. The 3D scanners can take all the measurement into account and transmit the data to the manufacturer as well to your handheld device, so the data is stored for your next purchase.
‘Personalization’ is the buzzword in the retail industry: Everyone seeks for personalized attention and it is the one which drives customer loyalty in the current market scenario. Retailers are devising new ways every day to engage with their customers and IOT is helping in a big way to help the retailers, by providing information about the customers.
For example, the retailers get the location data, weather data of the customer and can combine it with the time of the day and can send personalized offers to the customers.
Improving Supply chain: The supply chain is one of the most important aspects for the retailers and has lot of impact on the business. This supply chain drives the wheels for the business. IOT is empowering the Supply Chain, the handling of products between the manufacturers, suppliers, distribution centers, retailers and customers are getting tracked and an efficient supply network is getting built. Data collected from devices also helps in reducing the asset loss, saves fuel costs, and manages warehouse costs.
Clearly, IOT is helping the retailers, achieve efficiency and customer loyalty, and the customers in terms of convenience and taking informed decision.