The use of Internet of Things in the Smart fund

According to research, the Internet of Things is one of the technologies that can lead to a revolution in a variety of industries, including the retail industry. Cost effectiveness, its ability to obtain real-time information from customers and improve the speed of data analysis have made this nascent technology a popular technology in the retail industry.

The Internet of Things or IOT is actually a smart network of tools, sensors and devices that identify, collect and analyze all the data related to the product life cycle. After processing, these raw data become valuable information that can be the basis for decision making by managers. Forecasts show; The amount of use of Internet of Things technology will increase to 94 billion dollars in 2025.

The role of IoT in improving customer experience

In the highly competitive world of the retail industry, customers of this industry now expect to receive proper service, receive services and products more quickly, and be treated in a personalized way.

On the other hand, retail businesses are also looking for ways to improve the customer experience. In the meantime, the Internet of Things technology provides an infrastructure to collect and analyze all the data related to the purchase cycle from the customer and the sales cycle from the organization, and in this way, provide more effective services to the customers.

Increasing the effectiveness of marketing strategies using the Internet of Things  

Businesses use Internet of Things technology to improve and increase communication with potential customers and markets. For example, Macy's sales unit uses IOT technology to identify the contact information of customers who visit the physical store and at the same moment, according to the geographic point of the store, it sends SMS messages containing a discount code or other advertising campaigns. In this way, more customers are encouraged to participate and buy.

Applying the Internet of Things with the aim of improving the supply chain

RFID technology, which is one of the technologies under the Internet of Things technology, has been used in various businesses for more than 30 years. RFID tags provide the seller with various information related to product characteristics, inventory of warehouse goods, containers containing raw materials, etc. This method eliminates the need for barcode scanning devices.

Compared to barcode, RFID transmits data at high speed, has higher storage capacity and supports automatic data recycling without physical contact. Many call this process digitization or supply chain intelligence.

Monitoring the hot and cold distribution process

The statistics of 2018 show; The loss of spoiled food is more than 70 million dollars annually. Internet of Things (IoT) environmental sensors now track the environment in terms of temperature, humidity, air quality and other variables. These variables help suppliers to food retail organizations to better manage the transportation and storage of perishable goods.

Retailers are now more than ever looking for ways to get real-time inventory status. On the other hand, for some retail organizations, tracking the conditions of goods transportation and delivery to the customer is particularly important. For example, in the transportation of some medicines or food, the temperature conditions during the supply chain process prevent product spoilage. Responding to these requests is only possible using RFID technology.

The role of Internet of Things in improving customer service

One of the most important advantages of using the Internet of Things for physical retail stores is providing a comprehensive view of customers. This technology uses data from store cameras, in-store mobile devices, kiosks, etc., and after analyzing this data, it helps retail businesses identify customer behavior patterns and provide personalized services accordingly. made and provide more effectively to customers.

Automating the payment process using the Internet of Things

The fund payment process is usually one of the processes that requires the use of more labor and is usually difficult for customers. Sometimes long queues lead to customers giving up buying.

The solutions created by the Internet of Things technology can fully automate the payment process. In this model, when the customer is leaving the store, automatic POS; The tag on the products is identified and the total amount of the purchase is deducted from the payment application installed on the customer's mobile phone.

Conclusion

Retail businesses today can benefit from the Internet of Things in a number of ways. Getting real-time information, tracking customer purchasing behavior, and optimizing the supply chain are some of the benefits of using IoT technology, which ultimately leads to improved customer experience.

On the other hand, market trends show; The use of this technology is currently only a competitive advantage, but in the near future, it will be a requirement for retail organizations. Therefore, it seems that familiarity with this product is one of the future requirements of every retail business.