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6 months ago

Is IoT making the retailers smarter than ever before

Internet of Things (IoT) is making its presence felt in an emphatic manner in the retail segment. Retail IT solutions are changing the marketing landscape with smart sensors, connected technologies, intuitive applications and an array of other futuristic methods that intend to cater to the exact needs of customers in a proactive manner.

Is IoT making the retailers smarter than ever

Is IoT making the retailers smarter than ever before? Internet of Things (IoT) is making its presence felt in an emphatic manner in the retail segment. Retail IT solutions are changing the marketing landscape with smart sensors, connected technologies, intuitive applications and an array of other futuristic methods that intend to cater to the exact needs of customers in a proactive manner. IoT in retail has miles to go and experience based retailing is the first milestone in this journey. Experience-based retailing: Redefining shopping Augmented Reality, Virtual Reality, Artificial Intelligence (AI), and data analytics are deployed in real time for monitoring customer behavior, preferences, average time spent on particular merchandise segments, spending pattern, interactions with chatbots, and other such critical information for building the retail database. Based on the information collated, the customer on his next visit to the store would find things he/she has been looking for being presented smoothly without having to spend time on querying and searching. This would take the customer satisfaction to the next level which would spell significant profits for a retailer. Leveraging retailing potential Retail IT solutions have been welcomed in an unprecedented manner by a majority of retailers. Global Shopper Survey conducted in 2015 indicated that 96% of retailers are willing to accept IoT enabled devices with open arms for fostering business interactions with prospects. This optimism arises from the fact that retailers have long been demanding innovative solutions which would offer them real-time and accurate insights into stock levels and consumers’ buying preferences.

The Biggest Contribution of IoT in Retail Sector