5 ways how IoT will change the retail industry
Mobile data solutions are all around you, even on places that you would never expect.
At the moment, Internet of Things (IoT) is booming. In this blog, we are taking a look at the retail industry and how IoT can change this industry.
1. Automatically ordering groceries from home
It seemed like something that would only be possible in movies not too long ago, but it’s becoming a reality much faster than you realize. Refrigerators that automatically order groceries for you when you’re running low on particular products.
Smart fridges, equipped with an IoT SIM-card, will make people’s lives much easier. Not only that, they will most likely create stronger relationships between consumers and brands, because a customer will be able to identify the brands that are allowed to automatically reorder products. This results in more ‘automated-brand-loyalty’ from a consumer side.
2. Keeping a sharp eye on shop inventory
There is no retailer in the world that likes to tell a customer that something is currently out of stock. Real-time inventory monitoring will be the solution for these moments. Setting up notifications or alerts once particular products are running low on stock, will help retailers keep their shelves filled.
3. Taking customer experience to the next level
Knowing what your customer wants is every retailers dream. IoT might actually make that dream largely, if not completely, a reality. Being able to track customers’ shopping behavior in the store, will optimize product placement and help retailers make their store as efficient as possible. It will also enable retailers to give each individual customer a unique shopping experience.
4. Improved logistics for smoother delivery
Not only retailers, but also their suppliers will profit from IoT implementation.
IoT can provide a lot of insight when it comes to statistics. By keeping track of which products are popular and which are not, suppliers will know which products have a larger stock than others. This will help retailers keep their stores filled and end-users happy.
5. Mobile payments will become a standard
Some supermarkets already offer mobile payment in their stores, by implementing MPoS (Mobile Point of Sale), which simplifies payment processes. By using contactless payment methods, customers will be able to scan their credit or debit cards and pay from wherever they are in the store.This will not only give the customer a better experience, but also decrease waiting time at checkouts or even make checkouts unnecessary.