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Upgrade on aisle 5: how IoT is revolutionizing retail

August 08, 2022

Upgrade on aisle 5: how IoT is revolutionizing retail
A tale of two retailers
 
It was the best of times for one retail establishment operating with IoT and the worst of times for another operating blindly without it.

The retail store without IoT isn’t aware of their customer behavior and store activity. As a result, queue lengths are long and merchandising is ineffectively placed. With unengaging signage, customers are left to find items on their own. A disconnected and bulky POS system is unable to integrate API data to track important stats like cross-store sales rankings. Lacking intelligent inventory management, items are often out of stock while others are overstocked, and store workers struggle to perform repetitive tasks accurately. This is a store that’s stuck in the past and soon going to be extinct.
 
The other retail store deployed connected smart cameras for real time access to in-store data like traffic analytics. The business owner remotely monitors customer engagement, queue lengths and sales and service, then uses that information to re-allocate staff in real time and understand how well campaigns and merchandising perform. The smart cameras can also use AI to detect criminal behavior and send alerts in real time to reduce theft. Interactive digital signage throughout the store engages shoppers and leads them to what they’re looking for with a tap. Mobile and connected POS machines allow the store to relocate checkout areas as needed based on buying trends. In the back warehouse, store employees have real time inventory visibility and perform accurate counts with handheld digital inventory scanners, reducing costs and inefficiencies. This is a store that’s positioned for the future.
 
The global IoT in retail market size is growing
 
Shoppers these days expect a seamless, personalized experience, while stores struggle with supply chain complexities to keep their shelves properly stocked. Brick-and-mortar retail establishments need IoT (the Internet of Things) solutions, like connected sensors equipped with automation, data analytics and AI, to solve these urgent challenges. Thanks to the declining costs of IoT sensors and hardware coupled with increasing customer demand, the global IoT in retail market size is expected to grow from USD 14.5 billion in 2020 to USD 35.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.
 
Top 5 Key Benefits of Adopting IoT in retail
 
From the back warehouse to the front shelves, IoT is simplifying modern retail challenges with multiple wide-ranging and practical applications:
 
  • Improve the shopper experience: interactive digital signage engages shoppers and delivers targeted advertising powered by AI
  • Gather valuable shopper data: smart cameras monitor occupancy rates and traffic flow to analyze merchandising performance and re-allocate staff as needed in real time
  • Simplify complex logistics: real time tracking of goods allows for intelligent inventory management to minimize overstocking or shortages
  • Strengthen security: smart cameras use threat analytics to detect and prevent theft in a cost-effective manner
  • Reduce waste: smart sensors monitor cold storage conditions like temperature, humidity or water leaks and send real time alerts to avoid spoilage
Why choose Ingram Micro
 
Ingram Micro offers partners the deep technical expertise, comprehensive portfolio of advanced solutions, flexible financial options and insightful training and workshops to successfully bring IoT in retail solutions to market. Chat with our team of solution specialists today to learn more about how we can help you and your end users succeed beyond their expectations.
 
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