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Three IoT Considerations Retailers Must Keep in Mind for 2018
The Internet of Things, powered by RFID technology, can help stores manage inventory more efficiently, set themselves apart from competitors, and provide great customer service while still maintaining streamlined operations.
Jan 18, 2018—
The Internet of Things (IoT) is one of those technologies that offers the ability to reduce costs, improve efficiency, enhance customer understanding and improve overall business visibility, all at the same time. For consumers looking for the most innovative and seamless shopping experience, it is patently obvious which retailers have taken on digital transformation and embraced the IoT and radio frequency identification (RFID). It is also quite clear which are slow to adapt to the new technology.
So why aren't all retailers rushing to adopt it?
Another reason retailers have been slow to adapt to digital transformation is that RFID does not have as many immediate customer-facing ramifications as other potential technology investments, like artificial intelligence and robots. But given that RFID can boost inventory accuracy to 95 percent, retailers not leveraging the technology could truly be missing out.
One big challenge brought about by omnichannel retailing is that retailers cannot sell a product if employees don't know exactly where it is located. A product cannot be picked up from a store unless the retailer is certain that the product is there—and RFID has the potential to fix this. As RSR points out, investing in "closer consumer engagement is useless without system-wide inventory visibility and accuracy for cross-channel orders & fulfillment."
As RFID has come to fulfill its promise of potential, retailers should consider the following points as the IoT is poised to take off in retail technology.
Manage Inventory Efficiently
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