RFID Simplify Retail Business
Internet of Things (IoT) solutions are an extension of internet connectivity into physical devices, objects and spaces. It can be used in a wide range of fields, such as transportation, healthcare, the workplace and retail. Nowadays, a lot of organisations are using IoT solutions to improve efficiency and decision-making in their businesses. IoT technology in retail is mainly used for two applications.
The Importance of RFID Technology in Retail
- Data Gathering and Sharing
Sensors and other IoT devices collect data on a product or people’s shopping experiences. This data is then processed and analysed and then transformed into valuable information, which then allows shop owners to make better decisions and improve their retail experience and operations.
- Acting Based on Collected Data
After data is collected, machines that are enabled by IoT can be automated to improve efficiency and sustainability in the retail industry.
Uses of IoT in Retail
- Improves Customer Experience
IoT technology enables a more personal connection with customers. More information on customers can be found and the groundwork for micro targeting could be established.
- Supply Chain Improvement
The use of IoT in the retail industry is related to GPS and RFID that help different brands track their products throughout the entire supply chain process. It gives retailers more access to how their products are doing. The tracking location as well as the delivery times could also be predicted precisely.
- Innovating In-store Experiences
By bringing IoT to physical stores, there would be fewer maintenance costs, increased speed of services and reduction in human error. Amazon Go is the most famous and successful example of large-scale IoT implementation.
- Decreasing the Workforce Needed for Running a Store
Employees would be able to focus on tasks that are not repetitive. For example, robot employees are widely used at Target supermarkets in order to scan shelves and pinpoint missing items. Even though IoT technology does not completely eliminate the use of the human workforce, it surely does seem to reduce labour costs and reduce the number of people needed.
- Location tracking
- Predictive equipment maintenance
- Inventory management
- Shopper mapping and analysing mall traffic
Benefits of IoT in the Retail Industry
IoT technology helps to provide better precision and enable predictability for consumer goods in the retail industry.
- Efficient use of in-store staff
IoT technology also helps shop owners make active decisions and adjust the shopping environment.
- Optimal product placement
IoT allows store managers to identify their best areas and test their products in those spots and find the most efficient layout.
- Improved retail management and tracking
IoT technology helps store managers be aware of the number of products on the shelves and in the stores so that they can replenish stocks on time. The technology can also reduce the risk of human errors, thus saving additional costs.
RFID Technology in Retail
One of the key components of IoT technology is RFID in retail industries.
RFID can be used in shoe cabinets, clothes panels, at entrances and exits to record customer shopping behavior. Customer product preferences can be analysed based on data including time, frequency and transaction records of customers picking up and trying on products.
RFID tags also assists in fast and accurate product searches. Store managers can detect goods quickly in the warehouse and track targeted goods accurately, which shortens search time and makes for a more efficient and cost-effective process.
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