With ever changing consumer expectations and demands as well as keeping up with the latest trends it can be a nightmare staying ahead of the curve in retail. Between social media fads and new technology, it can be hard work keeping up.
However, one new technology trend could have the key to making your life much easier. Internet of Things (IoT) technology has the ability to strengthen your current business and clear the path to increased efficiency – and happier customers. Here are a the top ways your retail business will benefit from adopting IoT.
Automated checkouts
We’ve all experienced the frustration of waiting in long queues to simply pay for our items. The dawn of automated checkouts, however, has changed the game. We’ve all seen in the news the stories of big brands like Amazon trialling till-less check out shopping experiences. While it sounds like something super futuristic, it’s actually a really simple, quicker method of payment for your customers – just by having the customer download an app on their smartphone. They just need to scan barcodes as they shop, bag their goods and pay as they go. With the support of cameras and weight sensor technology embedded instore, the system can pick up what the customers have added to their bag and charge them directly through the app when they exit.
Personalised loyalty discounts
Building healthy relationship with your customers is key to success. As a retailer you’ll be familiar with offering your customers loyalty discounts in the form of redeemable vouchers. With IoT enabled systems you can used a QR code on a digital voucher shoppers can access on their smartphone, just requiring a quick scan instore to redeem discounts from their total amount or perhaps even a free item. This creates a welcoming shopping environment that encourages your customers to visit your store again and again, as well as enabling them to get the most out of their shopping experience with perks such as loyalty discounts.
Identifying thieves and low stock
There’s no getting around the bad element, and the sad fact is retail will always be a core target for thieves. IoT technology allows you to up your security game with RFID tags. These small tags can be attached to a product, allowing your systems to monitor the location of the item in your store or if it has been moved. RFID technology also comes in the form of smart shelves, which can be installed in your store to track the amount of inventory sitting on your shelves in real time. This keeps you completely in control of stock management and directing customers to items they are searching for.
Another security alternative is smart cameras paired with machine learning, which has the ability to perform facial recognition and identify thieves entering your store. Speaking to a IoT specialist can help you identify the correct software needed to make the most of this.
Understanding customer behaviour
IoT is the right solution for you if you want to gain a better understanding of your customer’s behaviour and trends. The right IoT enabled system is able to recognise demographic data through your customer’s online visits to your website. By doing so, you are able to deliver more relevant information to your customers and recommend better products and improve customer service. Other aspects of an IoT system focus on traffic flow and sales figures to help plan ideal levels of staffing for busier periods, which can reduce staff shortages, long queues and unsatisfactory customer experiences.
Despite the rise in online stores, the retail industry can still thrive and offer innovative ways to modernise the shopping experience for customers both onsite and online. The main purpose of IoT technology is to offer an efficient approach to your business that is able to sync your store and your customers into a dependable and integrated way of functioning.
Benefit from IoT
To find out more about what IoT solutions Daisy Communications can offer your business, please fill out this form, and an IoT specialist will contact you soon.