Because of rapid technological advancements, new technologies are surfacing every day. But, few improvements become trendsetters. IoT is one of them! Like the network of people, IoT introduces the network of things, so that they can connect and communicate with each other with required human intervention. IoT enables data sharing among all the devices in the network, irrespective of their medium of connectivity. It aims to reduce the human efforts for conducting business operations to support you in a more skilled manner; It minimizes labor. IoT greatly revolutionized how businesses interact, especially the retail sector. Are you wondering why I am partial to the retail industry? It was Kevin Ashton, the marketer of CWG brand, P&G, who coined the term . IoT initially came to the picture to reduce the challenges faced by the retail sector. Internet of Things (IoT) Let’s dive into deeper prospects of IoT in the retail sector: Trouble-free Inventory Management: If you are a business in the retail sector, your business revolves around product storage and warehousing. Gone are the days when people were manually counting the products in the warehouses; The invention of IoT has automated it. RFID tags let you keep track of your out-of-stock products, in-stock inventory, and enable in-transit tracking as well. This ensures 99% accuracy in inventory management, allowing you to indulge your workers in more productive tasks. Efficient Remote Working: IoT and cloud computing enable marketers and retailers to keep an eye on their inventory, orders, and the progress made by the team from anywhere across the globe. This further improves work efficiency and facilitates trouble-free business collaborations. So, you can meet and greet your clients from anywhere and anytime. Quick and Efficient Logistics: Do you remember the last time you called customer care to know the location of the product you ordered online? It’s not striking even in my hazy memories! IoT enables easy and quick tracking of the products online. This further helps businesses build their trust among customers and reduces the trouble of handling those customer queries. Improved Productivity: Want to take a look at the products that are having massive success in the market? You need to check the insights of your business. It will be tiresome to look at detailed excel sheets and compare them. IoT can help you collect and collaborate data from different mediums on a single platform. With the involvement of AI in IoT, you can further check for the products that are scoring over others. This way, you can better analyze your customer’s requirements to enhance the productivity of your business. Virtual Closets: One of the fantastic ideas that IoT introduced is the virtual closet. It enables shoppers to try outfits virtually with the help of smart mirrors. What could be better than this? I know that it isn’t available in all the outlets. But, see if you are following the garment industry, this can make a huge difference between you and your competitors. Easy Checkouts: Another thing every one of us loves about IoT is the instant self-service checkouts without standing in the long queues. With RFID tags, a customer can self-checkout after purchasing even from the retail stores. So, you need not wait for long now, and if you are done with your shopping, you can check out and leave without any delay. From smart homes to smart businesses, IoT made it all. And, there are endless benefits that you can leverage from IoT and machine learning into your business.

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