How IoT Could Change the Operations of Your Company in Just a Few Years

Stock market analysts are going nuts over the “internet of things” (IoT) revolution they believe will E-commercehappen over the next 5 years or so. There’s dozens of opportunities for massive growth. One projection says the IoT industry will grow from $130.33 billion in 2015 to $883.55 billion in 2022.

This prediction also includes a growth in IoT devices from 16.3 billion in 2015 to 26.3 billion in 2020.  You’ll see many predictions that fall along similar lines.

We’re not here to speculate further about future growth in IoT. But, for the time being, it looks like an impending trend that will be big and will profoundly change the way many things operate. That includes your retail business.

So, check out some ways the Internet of Things could change your retail company’s operations for the better both now and in the future:

  1. Create a Seamless Experience Across Dozens of Channels

Today’s consumer will interact with your brand across a number of different channels. They’ll view your website, Twitter account, Facebook, LinkedIn, watch TV, listen to the radio, see your billboard, and go inside your store.

They expect a similar experience across all of those. If they don’t feel that, they’re going to get confused. And then, they’ll be more likely to check out competing stores. Long-range Wi-Fi will enable IoT to happen in retail stores who focus highly on experience to sell.

  1. Know Up-to-the-Minute Information about Your Products’ Status

Large retailers like Costco and Home Depot break even, or even operate at a slight loss on their product. Costco makes its profit on membership fees while Home Depot upsells services.

Because you have little room for error when selling product, you need to know every last detail about your product. IoT could help you learn your exact inventory, the strength of the current purchasing trend (for example, a quick run on food before a football game), automatically order when you hit a set level, and tell you exactly where your product is in transit.

  1. Boost Revenue with At-Risk Customers

No one likes to wait. What if IoT could send your customers text notifications while they wait in line? They could then learn a different register to check out at. Or, your employees could receive automatic notifications to run to the registers to help out much sooner than your manager would notice. Maybe your customers get a notification that they get a 10% discount on today’s purchase for their patience.

Or, take it even a step further and IoT-connected sensors on consumer’s refrigerators automatically order more lettuce once it runs out.

IoT could be used to save many sales that you may have lost in the past.

Whether You’re Large or Small, IoT is The Wave of the Future

Your business size doesn’t matter. IoT may be more beneficial to big chain retailers. But, IoT will make a difference for retailers of all sizes