INTERNET OF THINGS IN RETAIL BY LAVANYA Swarna

AGENDA OVERVIEW WHY IOT IN RETAIL APPLICATIONS OF IOT IN RETAIL MAIN OPPORTUNITIES OF IOT IN RETAIL RETAIL OPERATIONS IN REAL WORLD CASE STUDY – SMART SHELVES CHALLENGES AND ISSUES FUTURE SCOPE OF IOT IN RETAIL CONCLUSION REFERENCES

EVERYWHERE…………………………… WHERE IS IOT?? EVERYWHERE……………………………

APPLICATIONS OF IOT:

OVERVEIW OF iot IN RETAIL The Internet of Things (IoT) is causing a wave of disruption across industry and it is the retail industry that is poised to ride the crest of that wave. Unlike any other sector, retail has direct contact with one of the largest populations of potential consumers that fully embrace technology and innovation. Connected devices and products provide retailers with the opportunity to help optimize operations in the face of a more complex supply chain, increasingly important digital channels, and a more demanding customer.

IOR INTERNET OF RETAIL USAGE: SPECIALIST RETAILERS MULTI-SITE RETAILERS ENTERTAINMENT INTERNET OF RETAIL VIRTUAL RETAILERS INTERACTVE KIOSKS HOSPITALITY

USE OF IOT IN RETAIL Enable remote asset management and predictive maintenance. Track shelf inventory in real time. Improve store operational efficiency. Optimize environmental control. Smart transportation Predictive equipment maintenance

One could simply pay for the entire cart from his mobile phone and there is no need to queue up at the cash counter.

Unlocks the smart trolley by pairing their smart phone and opening the App. Saves the frantic rush to find a right size coin from the pocket.

BEACON TECHNOLOGY: This technology enables devices to alert apps and websites where people landed before when the user approaches certain physical location. Then, the retailer can push messages for promoting or sharing contextual content with the user.  Just imagine going to a shopping mall and receiving automatic emails from vendors. Basically, it allows you to send promotions, coupons and more stuff the people, when by your store, to their mobile phones.

CUSTOMER TRACKING You could deliver very tailored marketing campaigns by connecting purchase history, customer behavior at physical stores, and online behavior. At the end, you will identify information you would have never consider otherwise and know who is visiting your store -- name, likes and average purchase -- to deliver a highly personalized customer service.

Online shopping With the rapid growth of online shopping, retailers are very keen to bring the frictionless customer experience of online shopping into the store wherever they can. They want access to the same type of rich data and high-performance analytics that retailers use to drive websites and mobile shopping trips. Their goal is to have that same limitless control to craft a customer experience and collect detailed data to help them predict how customers will shop.

CASE STUDY(SMART SHELVES) Since the visual and sensory experience that the shoppers will get through the physical stores cannot be replicated in ecommerce space with even the most sophisticated technology, retailers are exploring ways to optimize the in-store experience by enabling innovative technologies like Smart Shelves in retail .  

HOW IT WORKS?? Initially, items are placed on the shelves as per the type of the product. I would like to place sensors to monitor shelf stock. The customers would pick up items from the shelves as required. The sensors signal the stock reduction and communicate across the application platform. Low stock alerts are sent across mobile phones/electronic devices. Shelf replenishment - The persons to be intimated are informed via alerts and the shelves are again filled up.

CHALLENGES and issues The biggest immediate hurdle for companies to overcome is how to manage, analyze and act on the reams of data pouring in from all of the connected devices. “Simply capturing the data is a challenge all by itself,” but the retailer then has to distill and transform the data into usable information.” Retailers using IoT for any particular purpose have to be mindful in the age of social media. Consumer privacy versus Targeted Marketing. How to make Big Data manageable, meaningful and actionable. Handling of returns and exchanges. Stock inventory and allocation management. Promotions and discounts.

FUTURE SCOPE

Main Opportunities of iot in retail Supply Chain Revenue streams Customer Experience Customers wear wearable devices to quickly scan and call up product info. They receive personalized digital coupons upon entering the store. Customers use robots with touchscreen for browsing inventory that leads the customer to the desired product. Smart shelves in store in store which detect when the inventory is low. Smart robots will aid in areas ranging from stock replenishment to product assembly to handling hazardous inventory. Smart packing that monitors age of goods or perishable ones. Smart price tags that can be changed in real time. With a connected pantry basic inventory arrives when needed.

Conclusion: Our own thinking on the Internet of Things in retail continues to evolve, and we expect to share additional perspectives in the coming months. But one thing seems clear: Companies able to address the thorny problems the IoT poses around data management, privacy, analytics, and other areas will likely be well-positioned to separate themselves from competitors. To truly build value from IoT investments, retailers should be expansive in their thinking, considering innovative applications and the use of supporting technologies, such as augmented intelligence.

REFERENCES CONTENT http://www.comqi.com/internet-things-reinventing-retail/ http://www.forbes.com/sites/oracle/2015/01/09/how-the-internet-of-things-will-shake-up-retail-in-2015/#7df370a42933 https://www.sap.com/bin/sapcom/en_us/downloadasset.2014-09-sep-11-18.the-ceo-perspective-internet-of-things-for-retail--top-priorities-to-build-a-successful-strategy-pdf.html https://www.accenture.com/us-en/insight-internet-things-revolutionizing-retail-industry.aspx http://ioeassessment.cisco.com/see/ioe-work-retail-0 http://www.emarketer.com/Article/How-Internet-of-Things-Making-Retail-Industry-Smarter/1013380 https://www.youtube.com/watch?v=6KkSMnZC3ks https://www.youtube.com/watch?v=OptqxagZDfM&ebc=ANyPxKrzQF3oUQGs7-GtH0HZm6vQL2FH3zaIhjDR8NU7lOSvyflBAo1xWwLQwEgf9iWokKm-hldELJeQ0X9K-WcNDY62vOFREg