Here’s How IoT Technology is Revolutionizing Retail

According to research, the global Internet of Things, or IoT, market size in 2020 was valued at 31.99 billion USD and is expected to grow at a rate of 26 percent from 2021 to 2028. IoT’s growth is due to its ability to simplify digital and in-store operations in the retail industry, and it’s expected to change brick and mortar retail shops into advanced, technologically-driven stores.

From smart shelves, labelers, video analysis to inventory tracking, IoT is helping retailers manage their stores effectively and to provide an unmatchable shopping experience.

Here are a few ways Internet of Things has altered the retail industry forever:

Monitoring Customer Satisfaction

Retailers are using IoT to their advantage: it offers them the technology needed to analyze customer data and enhance customer satisfaction. IoT-enabled dashboards, among other things, allow customer data and feedback to be immediately collected after a shopping experience.

This gives valuable insight into shopper satisfaction and can greatly improve in-store and online customer experience.

Improving Supply Chain and Logistics

Tracking inventory and maintaining logistics isn’t easy, especially when done manually. IoT sensors have made monitoring goods easier. Smart tracking systems provide valuable insight into quality control and traceability using data like temperature, location, humidity, and more. These tracking systems determine the safe and timely delivery of materials in ideal conditions.

This improves a retailer’s logistics and reduces product loss and damage.

Impact on Food Safety Monitoring

For food and beverage industry retailers, IoT has provided ways to monitor the temperature of storage spaces. This ensures that foods and beverages remain at optimum temperature, reducing the chances of them spoiling. Spoilage of perishable goods results in a significant loss in profits, and IoT’s smart solutions are helping reduce these events.

IoT sensors are installed in storage areas and connected to an online dashboard that is alerted immediately in the event of abnormal temperature levels. This helps retailers ensure the freshness of products and reduce waste.

Tracking Assets Using IoT

Retailers also use IoT technology to keep track of baskets and carts. It’s beneficial as it reduces the replacement cost that comes with missing carts. The sensors used to track them tell their exact location and alert if the cart is damaged. Tracking devices put on shopping carts and baskets can work for months without any need to replace batteries.

They also improve customer experience by ensuring there are plenty of baskets and carts available at all times.

Get AWS Consulting Services in Princeton Today

Begin your cloud journey today with Continuum Innovations. We provide you with seamless, secure, and scalable AWS-managed cloud services in Princeton, including AWS infrastructure services, DevOps consulting services, cloud migration services, and more.

Get in touch with our team to get started.