According to a report by Markets and Markets, the use of IoT in the global retail market is expected to hit $35.64 million by 2020. IoT has several use cases in the retail industry, including monitoring goods safety to measuring customer satisfaction. With the help of IoT apps, retail companies can not only raise their productivity but also improve customer experience.
Here are some of the ways IoT will shape the retail business in 2020.
Improving customer experience
Retail companies rely on IoT developers to improve self-checkout and digital signages that help provide users with a better experience. With the help of IoT, retail companies can create an infrastructure and offer devices that enable data circulation throughout the buyer’s cycle more efficiently. IoT solutions allow retailers to solve a lot of problems that arise from inefficient data analysis or collection.
Another use of IoT in retail is to enhance customer satisfaction. IoT sensors connected to a dashboard allow retail stores to collect customer feedback immediately after the shopping experience. With real-time shopper satisfaction insights, retailers can improve in-store customer experience.
Optimize supply chain management logistics
Retailers are using IoT sensors to monitor goods throughout the entire supply chain. They can use RFID and GPS sensors with IoT to obtain more precise and accurate data. With the help of tracking systems, retailers can get valuable data such as location, temperature, and humidity, among others, thereby providing insights for quality control.
Valuable data such as on-time delivery of materials and good condition of materials can be derived from tracking solutions. This data helps retailers improve their transport logistics efficient and reduce product damages.
Food safety monitoring
Retailers from the food and beverage industry are using IoT technology to monitor the temperature of storage spaces. The retail industry witnesses a significant loss of profitability in case of perishable food spoilage and deterioration. With new-age IoT solutions, there has been a substantial reduction in loss due to spoilage and improvement in food safety procedures by accurately monitoring the temperature of food storage facilities. Retailers can protect perishable goods and reduce waste with the help of real-time data from IoT sensors.
IoT devices are now being used to track lost shopping carts and baskets. Using sensors on assets, retailers can track them to their exact location and receive status updates and alerts if they are misplaced. Assets with tracking devices can function both indoors and outdoors and also run for a long time without having to replace the batteries.
Increasingly, retailers and retail-based businesses are looking to implement IoT technology to improve their customer experiences.