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Importance of Internet of things on retail industry

The IoT buzz is roaring in the technology world. Internet of things has already made its place in the business market. My previous article on 7 ways to improve your business through IoT shed some light on the future role of IoT in the current markets. You don’t need to be a very keen observer to see it already implemented in retail industry. Innovation in IoT will bring some fascinating new concepts in future.
Before moving forward into the details of future significance of IoT in the retail industry, we will see the current scenario. To make it a case study, I will consider open source ERP Openbravo. It is a complete commerce solution from POS to financial management. 
 

IoT in production management
In Amberg, Germany, Siemens electronics manufacturing plant is 75% autonomous with around 1000 controllers. Every product item is being monitored by a separate code and can be uniquely observed during a manufacturing process.  In one of the General Electric battery plant, there are 10000+ sensors to find different environmental parameters. The information from these production houses is being transferred into the ERP cloud. 


 
IoT in warehouse management
Warehouse management works on a simple principle of counting of goods, the difference between goods and their update. 

But it is not that simple when it comes to real scenarios, where there are hundreds of products placed in a large area. But thanks to barcode and RFID devices it can monitor everything going out and coming in the warehouse. The data goes to master data and is available to procurement and sales teams.
  
 
IoT in sales management
I think everyone knows how IoT is used nowadays in point of sales. Every grocery store has a computer with a barcode scanner which manages cash and product in/out automatically. What if there are many stores in different locations. To overcome these complications cloud based solutions are used.
      
Significance in Retail industry
In next five years IoT will significantly change the retail industry. There will be monitoring at every stage from back of store to shelve of your store. The predictive models show that the worth of IoT in retail market will reach to 34 billion dollars. And its potential impact on retail industry will be around 4-6 Trillion dollars. Just after three years there will be estimated 24 Billion devices. Major technology companies have already started to invest heavily in it; some of them are Intel, Microsoft, and Amazon. Augmented reality, 3d scanning, 3d printing and artificial intelligence will change the way we shop today. Ecommerce as a form of retailing is becoming very important as well. In last quarter of 2016 ecommerce market in US was 96 Billion dollar. Its year on year growth is not going to stop. It comprises 8.1% of total retail market at the moment. Amazon dash button is simply the best example how we will buy in the future.

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The US retail industry comprises of 10+ trillion dollars. The retail industry figure clearly shows the possible spending and significance of IoT if it is adopted in this market segment.



Tags: IoT   retail  

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