Industry experts predict that the Internet of Things (IoT) will have an economic impact on the retail industry ranging between $410 billion and $1.2 trillion per year by 2025. IoT has and will continue to impact the retail industry by assisting with inventory control, real-time data tracking, personalized offers and discounts, as well as numerous other analytics. IoT has consistently helped brick and mortar retail locations compete with the increasing trend of online shopping, and one Knoxville boutique’s use of IoT has proven to be no different.
Customer Tracking
A local business near RTech headquarters in Knoxville, Tennessee is a prime example of how IoT can benefit retail businesses. CJ’s Closet is a local boutique that specializes in helping customers build a perfectly curated wardrobe. CJ’s recently deployed internet–connected sensors that can track how many customers enter their store as well as the average length of each visit. This information is tracked in real–time and can be monitored remotely, giving managers and marketing specialists the information they need to increase foot traffic and customer visit length. CJ’s also recieved a POS System that is internet-connected to encrypt confidential payment information, and a wall mounted interface to help customers envision their outfit before they try it on.
Custom Discounts & Offers
Once customers enter a store, IoT can be used to drive sales of specific products or deliver individualized coupons and exclusive offers. Loyalty programs can also be implemented using this technology, as IoT can detect if or how often each customer has made purchases, allowing them to receive special rewards if they are repeat buyers. IoT allows users to completely revolutionize the customer experience, giving consumers a reason to return to brick-and-mortar locations.
Inventory Control
One of the hardest parts of operating a retail store is controlling inventory. Managing product delivery, counting SKUs, and even monitoring for stolen merchandise all require valuable personnel and can take up a large amount of time if not properly scheduled. IoT-connected sensors, drones, and monitors can all help ease the burden of inventory control as well as free up employees to contribute to other areas of the store. Reducing theft, better managing product deliveries, and always having an accurate count of every item in the store can alleviate unnecessary costs and drive better profits for both big and small retail businesses.
Why RTech?
RTech Solutions was created with the idea of helping customers without forcing them to jump through hoops to get the solutions they need. We pride ourselves on serving our customers by providing dependable options that are both cost-effective and practical. RTech works with all major U.S. cellular carriers to provide data that is cost-effective and that can provide coverage to any location. Whether it’s data from one carrier or all of them, our customers will find that RTech data is perfect for powering an entire store’s IoT-connected devices.
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