According to the retail industry’s foreseers’ prediction, the Internet of Things (IoT) will bring drastic changes the in-store experience. Gartner’s 2021 Retail Technology Hypecycle illustrates how IoT-based store monitoring is helping the retailers in understanding of the operating pulse of a store in real time.
Multiple devices monitor (to which more are constantly being added) analyze and display the store activity – with real-time dashboards, signals and alerts from IoT data sources within the store. Over the next few years, shelf-sensors, electronic shelf edge labels, smart shopping trolleys and other innovations will make a more common appearance while the traffic counters, POS devices, hand-held scanners, refrigeration equipment and video cameras are all common now.
IoT to Change the In-Store Experience
Currently, IoT is helping to increase customer loyalty, boost sales, offer a personalized experience, and improve inventory management.
It has been observed that over the past 20 years, the traditional retail landscape has dramatically changed. The companies with innovative opportunities are collecting and analyzing data and ensure successful targeting across various channels.
Nowadays, customers prefer to buy things online than offline because they get more options and choose products at their convenience. So, it is very important for brick-and-mortar stores, to create seamless omnichannel experience that synchronize with the digital and in-store retail experience.
According to recent research report, customers are willing to share their data with brands without any trust issue and can share more information with a company that will offer a great customer experience. Which shows that retailers will get a chance for personalizing the sales journey. The enormous availability of data of customers will help the retailers to get quality insights like in which product the customers are taking interest.
Customers love when they get personalized recommendations and are more likely to purchase their product. According to another study that 91% of customers will love to shop only with recognized brands that are also providing the personalized recommendations.
It is quite useful to add some personal touch to the shopping experience. The internet of things (IoT) and artificial intelligence (AI) will have a huge impact on the ability of retailers to deploy applications that optimize the shopping experience of customers. It is important to mention here that data plays an important role in order to make these things possible.
For a broad range of capabilities, IoT is a fundamental component of innovation and it also represents the emerging innovations in almost every area of retail experience, from smart shelves to automated self-checkout machines, RFID tags, counting footfalls, etc. IoT is growing and becoming the core of digital innovations taking place in every retail environment.
According to the the latest study, that it is to be expected that IoT hardware application in retail will grow more than $94 billion by 2025 involving personalized solutions, smart shelves, and in-store product layouts.
IoT-enabled technologies help to keep track of goods stored in the supply chain journey. Organizations will be able to improve visibility on quality control. IoT will also help the retailer to easily monitor control temperature, and access real-time location of goods.
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