BENEFITS OF IOT – RETAIL BUSINESS
IoT – a technology system that has a strong impact on life, work and society in the future. Every object is connected to sensors, data will be collected and updated into the system via the Internet. The benefits of IoT are clearly shown through the achievements of each industry.
Therefore the benefits of IoT have a very positive effect on the retail business
1. Forming a smart warehouse
Thanks to modern sensors, it notifies users of what needs to be handled, such as: warning that goods are about to be due…
2. Quick payment
Radio-frequency identification (RFID) chips send a signal to sensors to identify items in a shopping cart. Thereby reducing the payment time. This application combined with self-service kiosk will reduce the number of sales staff. Buyers will not be fed up with queues. Thereby encouraging customers to go see and buy more, contributing to increasing profits for the retail business.
3. Personalized shopping experience – a benefit of IoT to the industry
Customer classification application. Smart camera will identify customer information: gender, age, ethnicity ..
The system uses this information to create a more relevant buying experience.
4. Reduced operating costs
The famous UPS shipping service has successfully applied and exploited the benefits of IoT in its operations. Smart sensors will connect cargo trucks to the internet. And through that UPS accurately updates all information such as: vehicle location, remaining fuel/oil,… Combined with weather data to adjust storage temperature for refrigerated trucks
5. Increase competitive advantage
When the application into the warehouse. The data will be updated to the seller with complete information about the customer’s shopping preferences. Help sellers exploit and use sales tools effectively. Thereby increasing revenue, reducing costs, optimizing profits. Create a competitive advantage through taking advantage of the benefits of IOT, exploiting the knowledge that IOT brings.
IoT has a great influence in the development of businesses in the digital age, especially the retail business. Applications in all fields. When everything is connected to the internet. Users can control everything through the internet. And there are plans and decisions on the fly in real time. Make life simpler and easier