Magazine : 
How IoT Could Revolutionize Retail Business
Internet of things (IoT), has the huge potential to connect people to every technology out there. This key feature of IoT has significantly altered the traditional procedures in every aspects, and retail business in no alien to this technological transformation. In comparison with other industry, customer experience plays a vital role in retails as well. IoT aids the retail business by enabling it to offer an extraordinary customer experience and it’s market in India is expected to reach $9 billion by 2020. Thus, the country could witness about 31 times of fast-paced growth of IoT units making it 1.9 billion by 2020. Let us see how retailers can utilize IoT to enhance their customer experience, boost growth and upgrade their overall performance.
Bespoke Customer Experience
By understanding a customer's choice and preference the retail stores can provide a better service. Through IoT, smart stores could be made possible. These smart stores could understand the customer's requirements by interacting with them to develop a relationship and optimize their experience. Furthermore, smart stores could use micro-location which would use the store's sensor to recognize the regular customers, and analyze their shopping trends using cloud and offer them benefits on relevant products. This would not only enhance the customer experience but also improve the store's sales.
Automated Checkouts
Long queues at the billing counters are quite exhausting, but hiring more people to manage the busy counters is not profitable. This scenario could be eased with IoT; a system could be set up to read the labels on the products as the customer leaves the store. Following which, a checkout system could account for those items and automatically deduct the amount from the customer's mobile payment app.
Smart Shelves for Supply Chain and Logistics
IoT has also helped the regular stores in upgrading their operation and inventory management. Its smart shelves take the automated inventory management one step ahead by providing instant notifications to the store managers of the sales and stock levels. Also, this smart shelf avoids both overstocking as well as shortage and reduces manual errors. IoT technology's future is quite promising in India. Several retail businesses are looking forward to implement IoT to enhance their performance.
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