IoT in retail industry refers to the interconnectedness of physical devices, objects, and spaces that communicate and exchange data over the internet. These devices, equipped with sensors, actuators, and software, enable retailers to optimize operations, enhance customer experiences, and gain valuable insights into consumer behaviour.
Key Applications of IoT in Retail:
Inventory Management:
Real-time tracking: IoT sensors can monitor stock levels, preventing stockouts and overstocking.
Automatic replenishment: When inventory reaches a low threshold, automated orders can be triggered.
Theft prevention: IoT devices can detect unusual activity, such as items being removed without payment.
Supply Chain Optimization:
Visibility: Track products throughout the supply chain, ensuring timely delivery and reducing losses.
Condition monitoring: Monitor temperature and humidity for perishable goods, preventing spoilage.
Route optimization: Optimize delivery routes to reduce costs and improve efficiency.