Challenges and Opportunities in Retail sector
The world is simply not going to wait for the laggards to make up, it will keep moving till the time it acquires the best of everything. The technical developments have ushered a lot of fields in the magical world of electronics. The availability of mobile devices has helped a lot of sectors in matching the speed of the technical department of their company.
In the year 2015, retail sector is also known to acquire the best of Internet of things and counter the challenges. The advent of online stores with faster delivery options was a major setback to the retail sector but with the lapsing time and the going revenue, the retail sector has agreed to acquire the best of technological breakthroughs.
Retail enterprises have finally ushered into the era of technology where automated transmission of information plays a vital role. The Internet of things is the phrase coined by an American Entrepreneur. The Internet of things is a collection of technology that processes the information and gets the task done without involving any human.
Earlier the Retail sector enterprises were known to fail when it came to accuracy with the inventory and also withthose of the finished products. The advent of technologies like RFID, which are a part of Internet of Things, is helping enterprises in keeping proper track of the available raw materials and those of the finished goods. The RFID tags can be used for identifying the batch of the product incase there’s any dispute or requirement for replacement.
Listed below are some of the ways in which Internet of things is impacting the retail sector for the better:
• Home replenishment: Think of yourself working in your art room and finding out that there’s not much ink available to print the amazing graphic you just created and then pressing a simple button to place an order for the ink supplies from a specified store. This is what Internet of Things can do to the retails. Home replenishment is going to make retail sector bigger and grander; with efficient use of Internet of Things, retail can acquire a huge set of happy customers and abundance of revenue.
• Google Glass Virtual reality: Imagine entering a super store wearing the Google glass and acquiring all the requisite information about the product just by looking at them. RFIDs and Google glass sensors are going to make it possible together; this will help customers in acquiring the best of information about the product without disturbing any of the attenders.
• Health Data Mining:Think of a world where you are connected to the Internet all day long even when you are brushing your teeth. Your Internet of Things is going to prompt you when you finish brushing your teeth early and it will also inform you as soon as you run out of your blood pressure pills but only after placing an order of the same with a local store.