IoT’s Impact on the Retail Industry

By Paul Dobbins - Director, Account Development Sep 22, 2016 10:00:00 AM

Retail_IOT.jpg

Think IoT is only a tech industry thing? Here’s how it’s changing retail.

The Internet of Things (IoT) isn’t limited to just the tech space anymore, it’s penetrating almost every industry—including retail. And although some retailers may find change challenging, this new technology is doing great things for retail as a whole.

Want to know how IoT is changing retail for the better? Here are a few ways the industry is enjoying the benefits.

Supply Chain
IoT gives retailers better insight into which merchandise is moving quickly and what needs to be restocked—as well as the items that probably don’t need another order. This real-time awareness of stock helps retailers fill their stores with the products customers actually want, keeping customers happy and coming back for more. 

Customer Experience
Connected stores take customer experience to a whole new level. Gone are the days of customer experience only being based on employee smiles and a willingness to help. Now, it’s all about speed, accuracy, and ease—which IoT technology makes fully possible. 

Marketing
More data means better insight into consumer trends. Knowing customers’ interests in real-time means marketers can tweak their messaging to appeal to their target audience. And more data also means better data, as marketers can pick and choose the kinds of insights they need for specific targets and campaigns.

Curious about other ways the retail industry is changing? Check out these mid-year retail trends!

Categories: Warranty

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