IoT in Retail Operations

Inventory is the lifeline of retail.The ever-evolving customer expectations and changes in business models are putting a serious strain on the ability of enterprises to operate streamlined inventory supply chains. This is where a revolutionary technology like IoT is helping every major industry –finance, healthcare, transportation, energy and retail improve the operational efficiency of distribution and add transparency to decision-making. The technology is helping build a big-picture view and create a complex yet functional framework for operational efficiency in this field across various aspects of supply chain, logistics, storage, shipping, communication and others.

According to multiple reports, the remote asset management market is expected to be worth USD 27 Billion by 2021, and with more than 70% of retailers planning to make significant investments in IoT, it reflects how IoT will become a significant and strategic tool for retailers, helping them pre-empt as well as drive demand.

Supply Chain & Logistics:IoT (Internet of Things)is enabling retailers to drive innovation in their supply chains to curtail costs and improve customers service. Leading tech companies and retailers are collaborating on multiple fronts. Packing products into bags with automated sensors to monitor weight, humidity, temperature and shock with a single…