Retail IoT

Retail IoT

In the case of retail, the “things” can include RFID inventory tracking chips, traditional in-store infrared foot-traffic counters, cellular and Wi-Fi tracking systems, digital signage, a kiosk, or even a customer’s mobile device.

Key applications of IoT for retailers include supply chain, connected consumer and smart-store applications. In particular, let’s look at five areas where retailers are taking advantage of IoT

  • Smart Store Sensors for automated energy usage leading to huge energy savings for Retail apart from reduction of carbon footprints, predictive equipment maintenance thereby maintaining food hygiene and quality monitoring.
  • Leveraging existing CCTV cameras for Video Analytics can trigger real-time automated alerts for in-store inventory optimization & improving conversion and customer experience and effective labor utilization.
  • Using in-store sensors and video feeds, retailers can analyze and understand customer hot spots, dwell times and flow patterns improving store layouts and promotional placements. This will result in a better shopping experience and higher revenues. That gives the opportunity to implement rich digital marketing inside the store or announce events to customers via their mobile devices.
  • Using RFID and IoT sensors, retailers can get better visibility into inventory and perishables. IoT can enable transport, tracking and route optimization via dynamic re-routing of delivery vans based on weather forecasts and live traffic updates. All of these result in cost savings and improved customer satisfaction.

The differentiation with IoT will come from a retailer’s ability to sense, understand and act on IoT data with analytics. It won’t be in isolation with the technology, the devices or the IoT plumbing. To take advantage of this new promising area, WKB would bring to retailers to focus on IoT applications that better serve customers and create value leading to our PRODUCTS & SOLUTIONS.