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How IoT Can Transform Retail

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Adapting IoT tools to retail allows customers to interact with everything in the store. Though beneficial, these transformations are daunting.

IoT Retail

IoT Retail

IoT Retail-Imagine a customer walks into your store. From the moment she enters, she gets information about products based on her personal tastes and the deals going on that day. She even receives special offers specifically catered to her individual preferences…all sent directly to her phone.

The Internet of Things (IoT) technology makes this vision possible.

Adopting IoT tools for the retail environment allows customers to interact both directly and indirectly with everything in the store. This presents incredible business opportunities. It can be daunting trying to step into the IoT space, though, and that fact keeps many businesses from embracing a lucrative transformation.

Let’s examine three of the biggest opportunities IoT technology presents for the retail environment, and how to capitalize on them.

#1. Personalize the Customer Experience

Improving the customer experience and reducing friction are great ways to foster a more personal, direct connection to your brand among customers. IoT technologies making their way into the retail environment may be the greatest advance on that front since the birth of eCommerce.

IoT devices present new opportunities to provide a personalized and unique experience for customers. For example, you can deploy sensors throughout your store to send discounts and other offers to customers’ phones. A similar tactic involves using Bluetooth-enabled beacons to send alerts and other promotions to nearby users. It’s a simple yet highly-effective idea; in fact, more than 6 in 10 consumers say they’d be more likely to visit a store as a result of a beacon campaign.

Delivering a personalized, unique experience with IoT devices presents more than a simple opportunity to boost sales. You also establish a closer relationship with buyers and potential buyers, generating customer affinity and increasing brand equity.

Carefully tracking customer data, then combining that data with IoT capabilities, gives you the power to engage in very granular microtargeting. Over time, you come to learn your customers’ individual preferences. This, in turn, produces incredibly valuable data from a marketing perspective.

IoT tools make it possible to know your customer better than ever before. You get to know what your buyers like and what they don’t, and you can tailor your offerings accordingly.

#2. Optimize the Supply Chain

You might think of IoT technology as primarily a consumer-facing innovation. However, there are plenty of tools out there to help improve operations, increase efficiency and prevent loss, too.

It’s entirely realistic to track items using GPS and RFID technology at every phase of the supply chain. You can identify and track each individual item, monitoring by location for better and more accurate inventory management.

This can also give you incredibly useful insight into the conditions in which goods are stored and shipped. If you’re transporting perishable or heat-sensitive items, for instance, you can monitor temperature conditions using IoT tracking to ensure they’re not compromised during transit.

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Article Credit: Iotforall

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