IoT Revamping the Retail Industry

By CIOReview | Thursday, December 6, 2018

The Internet of Things is promising to revolutionize the retail industry, and the retailers are interacting with the customers and offering them a truly connected, omnichannel customer experience. This is because, customers want a seamless shopping experience everywhere, be it an e-commerce website, a mobile application, or even texting. Let’s have a look at how IoT is transforming the world.

1.    Retail management is enhancing: Although it is quite evident that online shopping has captured a considerable place in the market and has gained priority over brick-and-mortar stores, but IoT is helping traditional stores to modernize their operations, and also to manage their inventories in a better way like adopting smart shelves and streamlining the supply chain network.

2.    Replacing cashiers with technology: With the introduction of stores like Amazon Go which is a new concept wherein there are no lines, no checkout, customers have to grab their groceries and leave.  Startups are looking forward to replacing cashiers with cameras in all possible stores. The stores are now adopting mPOS mobile point of scale which refers to a smartphone, tablet or any wireless device that performs the role of a cashier.

3.    Ambient Commerce: This technology represents a new form of shopping wherein it uses sensors which are coupled with AI, to help the users select and pay for their goods without the need of cash registers.

4.    Beacons rise the sales: Beacons are small Bluetooth devices that send discount coupons, invitations or other messages to nearby smartphones. As it can be done conveniently only through some specific applications, this technology has to go a long way to reach their desired potential.

5.    Self-driving cars: Retail is making its place in the automobile industry as well. This concept involves a vehicle commerce platform where consumers can shop while sitting inside the vehicle through a safe and convenient connected car experience. While the cars are becoming autonomous, people are going to do every possible thing.

These five trends are transforming each stage of the retail sector from what to buy, how to sell and whether the stores are functioning well or not. But in the coming years, the retail industry is poised to witness more changes, moving things in a direction we haven’t even imagined.