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How IoT is transforming the retail industry?

IoT in Retail

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The combination of the Internet of Things (IoT) and location data analytics has transform stores into smart retails. Marketers and retailers had endless possibilities with this new emerged technologies that can bring deeper insights into consumer behaviour.

Consumers living in the digital age produce an abundance amount of data. Even though a high number of retailers are still unsure of how IoT can bring benefits to their businesses, most of them have already recognise that IoT technology had its transformative impact.

However, there is no reason for you to wait in unleashing the IoT’s benefits in making an impact in the retail industry.

 

So, what is the Internet of Things (IoT)?

IoT systems connect devices that feature internet connectivity that will create interrelated connections. The interconnection of the devices within the Internet of Things will then create new data sources.

Retailers and marketers can effectively identify customer’s decisions and test the effectiveness of different mechanisms to activate and retain more customers. IoT records and transmits personalised information by collecting observational data from their user’s everyday behaviour and by experimenting with different techniques and interventions.

The advancement of the IoT has had substantial effects on the consumer shopping behaviours that can be divided into two: Symbolic and Functional.

 

Symbolic

Integrating IoT with devices and systems allows retailers to communicate with consumers using data in real-time. This will create an interconnected business environment which will ultimately improve every aspect of the customer experiences. When the physical and digital worlds are connected, two-way consumer interaction is enabled, allowing retailers to push personalised content both on the store’s digital signage and on consumer’s mobile devices.

Personalised content is able to create more meaningful customer experiences by meeting the customer’s habits and needs in their life. IoT gives the ability to retailers in offering content that feels more authentic and close to the consumers. IoT combined with location data allows retailers to identify customer behaviours based on their past purchases and shopping history.

IoT also intensifies the omnichannel experience that allows consumers to shop precisely when and how they prefer-by enhancing customer value and reducing out-of-stock scenarios that can cause customer walkouts. Nearly two-thirds of customers believe that retailers do not understand the customer need. Hence, retailers have to avoid disconnected retail experience by satisfying the omnichannel customer journey through IoT technology.

When the customers feel connected in their purchase journey, they will perceive the brand or product as a part of himself/herself. Customers who consider a brand as a part of their identity will be most likely to stay loyal to the brand.

 

Functional

The valuable data generated from retail IoT systems give retailers insights that allow upgrading merchandise placement strategies, inventory management and smart packaging - among many other things as well. This technology also develops connected customers by delivering engaging retail experiences; self-checkout counter; using Artificial Intelligence (AI) and multisensor technology to perform purchasing processes.

With IoT enabled beacons, retailers can track movements and environmental changes that can improve their location-based content strategy. Take a look at our Shell Campaign case study.

Shell's Personalised Billboard

IoT also plays a vital part in enhancing customer fulfilment and experiences at the point of sale and inventory management by improving supply chain efficiency. IoT technology improves supply innovation with its data-driven automation, sensors, and analytics that deliver unprecedented supply chain visibility and transparency.

Retailers can integrate data visualisation capabilities with IoT to optimise the inventory tracking methods, pricing systems that automate repetitive tasks and reduce man labour.

Not just improving supply chain efficiency and productivity, but IoT also helps in minimising any possibilities for item theft, counterfeiting or any other safety issues. Retailers are now able to monitor and maintain their inventory data in real-time and eliminate the potential for human data entry errors.

 

Don’t wait for the transformation,be the transformation.

IoT-enabled retail companies will have a higher chance to increase insight into their customer behaviour and improve collaboration with global products and partners than the other companies.

The IoT technology has already brought dramatic impact in its infancy, and it will continue to grow and give new opportunities and added values to the integrated to every industries, including retail and Out of Home. To transform raw data to valuable information, we need to exploit new sources of personalised data offered by the Internet of Things.

Moving Walls operates Moving Audiences, a data-driven location intelligence platform that enables automation and transparency via Planning, Buying and Measurement tools for location-based media like billboards, digital signage and transit media.

Our US-patented multi-sensor technology has allowed us to process more than 10 billion data points and measure more than 35, 000 media sites across the globe.

 

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