Retail

Retail Industry and IoT

 

Rise in technological advancement in this digital age and desire for a leisure loving life, people today look forward towards convenient options to shop and expect great customer experience throughout their purchase journey. In order to meet the up these ever increasing expectation of the Consumer Retailers are adopting a variety of strategies to give value to the consumer.

 

On the basis of customer behavior and with the help of Smart devices and Sensors, retailers now have started utilizing the data, transform them into  information to gain insights, analyze the data and formulate real time strategies to increase sales and ROI with personalized offers and discounts.

 

These are some of the main ways a Modern Retailer is benefiting:

  • driving customer loyalty and revenue
  • reinforce branding
  • cross and up sell
  • real time product promotion
  • improving customer service ratings
  • boost in-store stock turns
  • better supply chain replenishment efficiency
  • lower total cost of ownership
  • improve business continuity

 

Retailers now understand the importance of closely monitoring each customer to use it to the advantage and increase sales conversion. They can easily study and give personalized attention to each customer, each shelf to increase revenue and improve customer experience. Today, they know that it is easy to sell a related or associated product by placing it near a core product increases the chance of a sale of another the associated commodity and thus increasing the average order value per customer.

 

At the heart of this transformation and smart decisions by advanced retailers, IoT becomes the base to gather information from people, machines, products and services. This helps in improving processes, sourcing products at the right time, demand-aware warehousing, giving personalized offers and discounts thus resulting in customer delight. Furthermore, word of mouth increases the popularity of the retail unit, increasing the in-store footfall eventually translating into increased customer base and profits with the same resources available.