Confused by the true value the internet of things could drive for you?
You’re not alone. Retailers know about and believe in IoT as an idea, but they aren’t sure of the actual value and results it will drive for them.
Here’s some ideas to help you clarify what the Internet of Things could do for you:
1. Track Your Customer’s Behavior with Greater Precision than Ever Before
With IoT, you can track the number of people who walk past your store, the number who come through the front door, and whether or not they went in immediately. You could also learn if the way you set up your storefront convinced them to enter. You could also find out how many customers went up to the second floor, and the precise foot traffic to other sections of your store.
Armed with all this customer information, you can make all kinds of more intelligent decisions about the layout of your store. And you could easily win more sales per square foot as a result.
2. Create a More Personalized Experience, Which Leads to More Sales
No one can argue about personalization’s ability to drive more sales. It’s one thing you can use to compete against Amazon.
For example, you could make digital signs that offer messaging based on up-to-the-second market data gathered via IoT. Sensors on shelves could relay to your customers that you have low stock, which increases their urgency to buy. Your customers should feel like your store almost reads their minds.
3. Don’t Forget Your Loss Prevention Efforts
You can do more to thwart theft with IoT too. For example, you can equip jewelry cases with sensors that tell your employees they left the case open. Sensors can be motion-activated so your loss prevention team knows when a certain hot spot in your store has traffic and would be susceptible to theft.
What Do You Need IoT To Do?
The Internet of Things can be used to do nearly anything in your entire retail operation – ranging from anywhere in your supply chain to the point-of-sale. So the most sensible way to approach the matter would be to figure out your company’s biggest pain points. Then, learn how IoT could be used to solve those.
And remember, if you think you need help making a decision, you can always hire a consultant to help you out.