The Internet of Thing (IoT) is all around is and has now also entered the world of retail. Here, it helps them to manage store layout and inventory, increase brand awareness, and engage with customers. When a company like Facility Source reviews the impact of IoT on retail, it shows that there is no getting away from it anymore. Indeed, some 65% of retail businesses now use the IoT for at least one thing and 49% are looking at how they can increase shelf-life and accuracy through it. Indeed, energy efficiency is a key driver in the deployment of IoT, but it can be used in a more holistic manner as well.
Facility Source Reviews How IoT Can Improve Quality of Buildings
When IoT is used properly, equipment can increase its life expectancy, but the actual building can increase in quality as well. For instance, leak detectors can be installed that automatically notify the facilities manager of a plumbing issue. Or vibration sensors can be installed in areas prone to earthquakes, notifying the facilities manager of structural problems. The IoT can help identify gas leaks, wear and tear in high traffic areas, and more.
The IoT Improves Environmental Safety
By using the IoT, retail premises can make their building more stable, thereby ensuring the environment is safer for staff and consumers alike. It can help to prevent slips, trips, and falls and thereby also lower litigation costs and higher insurance premiums. Furthermore, it can lower the risk of various other disasters such as fires and floods. In stores with fresh produce, the IoT can properly monitor the environment, thereby reducing the chances of food-borne diseases, and more.
The IoT Improves the Shopping Experience
There are numerous indirect benefits that the retail industry can enjoy thanks to the IoT as well. It ensures that customers are more comfortable and have a pleasant shopping experience, which in turn encourages them to spend more. Not just that, it can ensure the busiest areas are kept slightly cooler and therefore more comfortable, ensuring the HVAC systems use their energy appropriately. This avoids loss of conditioned air and lowers energy bills and the carbon footprint.
The IoT Can Increase Value and Bring about Significant Savings
One of the biggest problems facing investments in the retail industry is that there is often a lack of transparency in terms of the benefits of investments that can be made. This is where the IoT is also different, as it provides real time, obvious, and fully open results. Anyone in the retail industry can instantly see how and where they will make savings, thereby being encouraged to further integrate the system as a whole.
The IoT Makes Retail Businesses More Competitive
Last but not least, today’s retailers have to remain competitive. Research has shown that 27% of them feel that the IoT is vital to this competitive edge. It can help them set better price points, lower overhead costs, and increase customer retention, all essential elements to the success of a business.