With so much change happening in technology, no industry is going untouched. This is true for retail as well. Many changes will be coming for the retail industry in the coming years, and some stores are already implementing these IoT solutions. Here’s what the future of retail could look like:
When a customer walks into the store, they are often looking up at aisles to see where the products they need are. This is becoming easier with digital signage. However, the great thing about it is the ability for the manager to change wording to mention special deals, promotions, and partnerships and drive more sales.
This is particularly helpful if you combine it with other offers. Imagine sending a coupon in the mail and driving traffic to your store where you convert them with digital signs around the store.
Inventory management is one of the biggest pain points and hassles for companies today. They have to get their products stocked, restocked, and properly analyzed for profit margins after the sale.
However, smart shelves are promising to change that. By having smart RFID chips in the shelves and the merchandise itself, retail stores can track the inventory and reorder automatically. This also lets them watch customer behavior, such as which colored box of the same product got picked up more. It also decreases stress and time for the manager and thus profit for the company at large.
Beacons are becoming a key IoT trend for a lot of retail locations. The way they work is quite simple. A Bluetooth signal is sent to the customer’s phone if they have signed in with an app or agreed to push notifications.
What they receive could be a number of things. They could receive a special, limited time coupon that gives them daily deals that they need to spend right then. Or, you could just stay top of mind by reminding them how many purchase points they have or any combination of communications.
The IoT revolution is showing no signs of slowing down. Digital technology is enabling stores to gain insights like never before. By giving consumers better communication, cutting costs for owners, and adding efficiency to the mix, these products and technologies are allowing companies to increase profits and peace of mind.