How IoT Helps Retailers
Retail Tech Insights | Thursday, May 20, 2021
With the evolution of the internet of things, customers will enjoy an increasingly connected or ‘smart’ shopping experience, linking the physical and digital worlds into an ecosystem of devices.
FREMONT, CA: Brands need to put themselves into the shoes of their customer for a minute. Customers will be walking past a store selling some in the mall, and suddenly their phone pings them with a notification for a personal discount. Along with the discount, brands even send a map showing them where that specific product is on display in-store. Meanwhile, the shelf where the customers picked up that product takes note of the event and sends the data to the back-end inventory system. The trend for that item will decide the volume to be restocked. This sounds like a futuristic scenario, but it is happening—thanks to the Internet of Things (IoT).
It is forecasted that by this year alone, there will be over 30 billion IoT devices, and the Internet of Things-based retail market could be worth $94 billion by 2025 as more retailers begin to implement this technology—from smart shelves and beacons to supply chain management—to enhance the customer’s shopping experience. Retailers can leverage IoT technology to make sure that their stores are running smoothly and are staying compliant. Retailers could install commercial sensors for food safety, warehouse and storage facilities, and even parking site monitors. Several sensors in the market can track things like temperature, light meter, and humidity. These sensors can communicate with the smartphone and indicate how stores are doing. And if anything is amiss, managers will get an alert instantly.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
A system can be installed that reads tags on each item when a customer leaves the store. Instead of checking out at the counter with an employee, that checkout system takes note of the items and then deducts that money from the customers’ mobile app. This results in quicker purchases, happier customers, and fewer costs for retailers. With their Amazon Go stores, Amazon, brick-and-mortar locations that allow customers to buy merchandise using smartphones, without cashiers or checkout lanes. Shoppers require to have the Amazon Go app so they can be sent a receipt of their purchases.
More in News


