The Internet of Things is rapidly increasing connectivity in the retail industry, and we are seeing ways to combine technology with big data to change the industry.
The smart shopping experience will change the supply and demand relationship in the retail industry. As retail and the Internet of Things (IOT) evolve, customers will enjoy an increasingly connected device ecosystem that simplifies customer purchase decisions while optimizing and automating retailer supply chains.
Both sides will see huge changes, and the delivery of robots, autonomous vehicles and drones will only accelerate this change. Over time, technology and software have simplified the relationship between customers and retailers, while also pulling in the distance between them.
One thing is clear: as the retail industry moves toward full integration between technology and the Internet of Things, its value will soar. The IoT retail market reached $16.4 billion in 2016 and is expected to grow by 21.5 percent by 2025. If retail-related businesses use IoT and big data innovation, then this number is in their hands.
In view of this, what impact does the Internet of Things have on the retail industry? How does big data affect the future of the retail industry? What changes will customers and retailers make in 2019 and the next decade? We will answer these questions and explore technology. Impact on retailers.
Face recognition software is no longer a new concept, and the latest models of smartphones now use this technology. The software will soon be combined with the retail shopping experience to streamline the transaction process rather than using it as a security measure.
The concept is simple: the customer registers payment information with the retailer system before entering the store, and then when the customer comes to the shelf and selects an item (in their shopping bag), the system recognizes their face and proceeds to trade. No separate checkout is required.
Ultimately, the success of the system will depend on whether the customer is willing to register for biometrics. Even so, customers have indicated that they are willing to accept and are interested in new checkout methods, and mobile point of sale is expected to grow by 30% annually.
Several retailers have adopted counting systems and retail analytics technologies, such as Flonomics, to improve their operations. These systems have a variety of applications that enable managers to enhance decision making in many different areas, such as marketing, customer service, and staffing.
In terms of staffing, such systems show retailers the best level of staffing for different periods and times. This information allows them to take a strategic approach to managing their workforce, thereby saving labor costs. Through the data provided by the system, they will know when and where to configure the staff.
In addition to the money-saving measures, such systems can also help managers meet operational needs. They will better understand which days and times are most likely to see the maximum traffic, so that their stores are never lacking or overstaffed, and always run at peak performance.
Predictive price analysis
Among other solutions for smart retailing, predictive price analysis is one of the more practical technologies. It's not as impressive as biometric systems or similar systems, but it has great potential to simplify complex product pricing issues.
Companies can't price their products too high or too low, and finding the ideal number to retain customers and make a profit is the key to success. Predictive price analysis allows them to find perfect price tags, historical pricing, consumer interest, inventory and other details.
Predictive analysis also tells retailers when and when they can't compete with their peers at lower prices. Competitor pricing is an indispensable consideration when making price adjustments, so getting real-time data from your opponents will enable the company to keep abreast of its strategy and make changes as needed.
Supply chain tracking technologies, such as Tive's proprietary IoT sensors and software, allow users to view their shipments in real time. The system will send notifications about bumps, vibrations, tilts, and other factors that affect the quality of the product as it travels.
The system also often shows the retailer which route caused the damage and pinpoints when and where the damage occurred. These details provide the basis for decisions when they choose a route to avoid areas that could damage their cargo. This is an effective measure to reduce losses.
From the many advantages of Tive's sensors and software, it is believed that its systems and similar models will be more adopted in the future. To date, the company has upgraded its multi-sensor tracker to maximize battery life and accuracy.
For those who are accustomed to traditional technology, the smart shopping experience seems a bit strange. While adapting to these new systems may require some adjustments to customers and companies, they will find that these changes are well worth the transition.
As the retail industry continues to transform, professionals in other industries should note that many of these technologies are also applicable elsewhere, and that the Internet of Things and big data have incredible prospects for the entire enterprise.
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