Monitor Inventory and Improve Customer Service
Eighty-three percent of retail customers are looking for a more personalized shopping experience — and retailers who create that experience can look forward to a potential revenue increase of 20-30%.1 A wide array of Internet of Things (IoT) solutions is emerging to help retailers meet this demand, supported by improvements in high-speed and low-power connectivity options.
Smart Retail Solutions Are Transforming Customer Experiences
IoT retail solution providers are fueling the evolution of the buying experience, developing technologies that address consumer demand for convenience, product availability, quality assurance and personalization. New use cases for smart retail are constantly emerging, with connectivity (Wi-Fi, cellular and Bluetooth) providing a foundation and conduit for IoT commerce solutions, such as:
Interactive digital signage
Sensing and monitoring technologies
Smart vending machines and kiosks
Inventory and asset monitoring
Point-of-sale services
In addition to improving the customer experience, smart retail solutions allow retailers to gain valuable insights into shopping trends, shopper behavior, retail conditions, inventory and assets so that they can drive ongoing innovation within their businesses. IoT retail solution developers are leaders of this innovation. Developers who can take advantage of the confluence of all-things-connected and customer demand will be at the forefront of the smart retail revolution.
5G ― The Ultimate Enabler
Across industries, 5G access will provide new opportunities in service delivery, decision-making and end-user experiences. 5G is expected to achieve $13.5 trillion in global economic value by 2035.2 That bodes well for developers of IoT retail solutions, who will be able to leverage unprecedented levels of data access across an exponentially growing number of devices — significantly more than they can through existing 4G networks. Developers who incorporate this game-changing connectivity into their solutions will share in the benefits.
IoT Retail Solution Applications
The ability to expand current operations and grow new business opportunities is at your fingertips when your retail ecosystem delivers everything from customized content to better food quality to optimized inventory levels. Accurate real-time data and reliable connectivity are the keys to success.
Smart Digital Signage
Deliver more targeted, dynamic advertising and real-time, location-based information virtually anywhere. You can use digital signage to enhance your customers’ in-store experiences, deliver information straight to buyers in retail locations and more. Digital signage enables you to remotely design custom messages and quickly display them in multiple locations. From advertising new products to promoting upcoming events, digital signage allows brands and enterprises to deliver personalized messaging to specific audiences rapidly and cost-effectively.
Food and Beverage Solutions
Gain greater visibility over food and beverage manufacturing, production and transportation processes with connected supply chain tracking. With connected devices, you can remotely monitor conditions to protect quality and ensure supply chain safety while improving operational efficiency and remaining compliant with regulations. Supply chain tracking helps you improve and enhance business processes, preventing store cooler and other distribution and retail device downtime and other costly issues.
Smart Vending Machines and Kiosks
Get real-time insight into shopper behavior and monitor vending machine and kiosk inventory levels to improve customer experiences. With wireless solutions, you can conduct business anywhere and respond to consumer demand while boosting your operational efficiency. Fast and reliable wireless connectivity combined with IoT for vending machines and kiosks allows your business to be portable and flexible so you can meet growing customer needs and take advantage of new opportunities to grow your business.
Asset Tracking and Inventory Management
Monitor supply levels, track distribution and retail assets, and ensure asset functionality while offering new service opportunities. With IoT-enabled asset tracking solutions, you can make smarter decisions based on real-time information, maximize your profitability by replacing inventory at the right time and offer new services to customers, such as proactively replenishing parts or supplies. Inventory management and asset tracking allow retailers to remotely track point-of-sale equipment and fleets and manage inventory in real time, leading to reduced risk and costs and generating new revenue streams.
How to Create Greater Value with IoT Retail Solutions
Reliable connectivity is at the heart of smart retail solutions that deliver real-time data for everything from interactive messaging to location tracking for security throughout a product’s life cycle.
Boost Customer Satisfaction
Digital-savvy retailers are taking customer engagement to a whole new level with smart retail solutions, such as convenient and easy-to-use point-of-sale services that make the shopping experience easier. For example, cellular-connected digital signage reaches customers wherever they are and provides the information they need right when they need it. A Bluetooth connection between the sign and the shoppers’ mobile phone could deliver an incentive to shop for items they’re interested in either through a discount coupon or loyalty credits.
Increase Operational Efficiency
Smart retail solutions help retailers increase efficiency and improve operations. From systems that track assets and manage inventory to solutions that provide remote monitoring and behavioral-based insights, smart retail solutions can lead to higher productivity, lower costs and greater profitability. For example, connected point-of-sale systems streamline transactions, increasing your operational efficiency and improving customer service with wireless high-reliability, transaction trust, high-volume electronic payment processing. A wide variety of fit-for-purpose modules are available to meet your design needs.
Innovate with Actionable Insights
Insights gleaned through IoT retail solutions help retailers stay informed across their ecosystem so they can keep pace with an ever-changing online and in-store retail environment. Real-time data and ongoing monitoring are crucial to providing the information that retailers need to drive innovation that improves operational efficiency and customer service.
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Smart Retail Solutions Provide a Competitive Advantage
By using the right tools for developing and managing their solutions, IoT retail solution developers can help retailers transform the buying experience, improve inventory management and create new revenue streams. Telit is committed to maintaining a portfolio of wireless modules, data plans and subscription services in a gapless solution chain, enabling advanced and innovative solutions by retail providers and integrators that leverage connectivity and enable valuable insights. The insights gained will result in a more personalized and efficient shopping experience for consumers and more profitable business for retailers.
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1 “Future of retail operations: Winning in a digital era,” McKinsey & Company, January 2020
2 “The Impact of 5G: Creating New Value across Industries and Society,” PwC and World Economic Forum, January 2020