How will smart technology impact retail?

Over the past few years, the retail industry has been revolutionized by technology.

From the way stores operate internally on a day-to-day basis to the way consumers buy and purchase products to marketing strategies, the world of retail is completely different than it once was. While access to the internet, evolving software packages, smartphones and new technologies have had a huge impact on the retail industry so far, smart technologies such as IoT will have a huge impact in the future.

IOT is an acronym for Internet of Things and consists of software, hardware, system integration, data services and access to telecommunications services that are more advanced than ever before. At its core, IoT is centered around how our devices and technologies are interconnected and the way they interact with each other and with us, the users. IoT has the potential to solve countless problems across a range of industries with new innovative solutions, and the retail industry is no exception.

Let’s take a look at how the Internet of Things and other digital technologies will impact the development of the retail industry.

Employee Management

As a retailer, it is crucial to manage your employees as efficiently as possible. If you don't have enough employees to meet your business needs, your retail business will eventually fail. In recent years, it has become increasingly possible to use the Internet of Things to handle employee scheduling for retailers. Business owners can simply create timesheets online and have up-to-date employee timesheets sent directly to employees' mobile devices. Employees can often clock in from their devices using GPS location to prove they are actually at work and ready to work on site. This integration of technology has completely changed the game for retailers when it comes to managing their teams and will continue to play an important role in how retailers manage their retail teams.

Inventory and Supply Chain

Many traditional retail stores already use smart shelf technology to monitor their inventory levels. With this innovative approach, store managers can access real-time details and reports on in-stock products and sales levels. These systems utilize RFID (Radio Frequency Identification) technology to provide the most accurate results. In these systems, each product is attached with an RFID tag, and an RFID reader is used to read the tag’s details and transmit the tag’s details via an antenna to an IoT platform, where the information is then processed. This enables retailers to monitor inventory levels across their entire supply chain, giving them back control over the development of their retail operations.

Targeted Notifications

On the marketing front, retailers are also leveraging IoT technology. Targeted event details, discount coupons and other offers are sent to consumers’ smartphones within a specific geographical area, allowing retailers to directly target consumers who may be interested in their products. When customers receive this information, they are more likely to venture in-store to take advantage of any offers the retailer has to offer. Whether it's discounts, sales, specials, events, contests or live promotions, retailers can directly reach consumers in areas where they are most likely to be interested and take action.

Cashierless Checkout

Many large supermarkets have already implemented cashierless checkout with great success, and it was only a matter of time before this technology started to appear in other types of retail stores. Using a combination of cameras, apps, and point-of-sale systems, customers can proceed to the checkout to complete their purchase without any human assistance. Over time, AI systems will help take this process to the next level, even identifying when shoplifting or other suspicious behavior is occurring in stores and checkouts. These systems will also be integrated with inventory and supply chain management systems to provide retailers with an all-in-one solution centered on IoT technology.

Facial Recognition

Facial recognition software is already used for security purposes in shopping malls and large supermarkets around the world, and the technology is improving all the time. However, in the future, we may see facial recognition systems being used to increase customer engagement through digital signage displays. When a store identifies a specific customer, the display will be able to push different signage that will be more appealing to that person, thereby enhancing their in-store experience and increasing the likelihood that they will complete a sale.

The future of retail will rely on digital technology moving forward

While the retail industry already makes heavy use of digital technology, we can expect it to play an even greater role in retail stores of all shapes and sizes role. With so much to gain from these evolving technologies, such as the Internet of Things, it is only a matter of time before more retailers explore the possibilities that digital technology has to offer.

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