Smart Retail – IoT Technology

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Inventory Management

Retail stores consider stock management to be pivotal for their successful performance. That is why retailers can leverage the possibility to improve inventory control by implementing IoT-based solutions. In this case, tracking goods begins at the production level and continues up to the customer’s doors. That is the exact way how the supply chain is built.

Smart shelves are becoming more popular as they present the combination of online shopping principles and the physical retail environment.

This technology enables to prevent specific merchandise from being misplaced in the wrong category or monitor what items run out of stock beforehand.

Advanced Logistics

Generally, delivery assurance reaches a new level because of in-built RFID (radio frequency identification) tags and GPS (Global Positioning System). Firstly, these IoT tools ensure retailers that goods are unlikely to be stolen; thus, thefts can be prevented. Secondly, tags gather information in the cloud. The system can trigger notifications to inform managers or other people in charge of delivery and security about the current state of things. Sensors can transmit data as for the conditions within the parcel to minimize the possible damage of supplies. Retail vendors can easily detect at what stage of shopping something goes wrong and who is responsible for handling pitfalls, which can be most useful during online buying.

The Future of Retail Through IoT

With the worldwide interoperability between desktop software, web, mobile apps, and a slew of IoT-driven devices, retail business keeps gradually re-railing its assets from in-store to eCommerce. When coupled with Big Data capabilities, IoT in retail automates services, optimizes processes and operations, and simplifies decision making. All in all, retailers tap into the IoT potential to connect consumers to products and products to revenue.

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