The 3 Ways Smart Technology Can Help Your Retail Operation
Retail operations seem pretty straightforward. If you own a retail store then you are likely looking for ways to innovate. Luckily, technology can be just the thing you’re looking for. Smart technology has revolutionized so many industries and your retail operation should be next.
Smart technology has been helping in ways that people couldn’t imagine years ago. With the Internet of Things leading the way, it is easy to set up systems that help customers and store owners get the most out of the shopping experience. In this article, we will go over several examples of smart technology you need to be using.
Smart security systems
Retail store security has always been a concern for as long as there have been stores. Security cameras have been used for decades but these days, the smart security systems have taken things to another level.
For instance, now, devices can talk with each other so security is harder to get past for a thief. Security cameras, alarms, and locks can ‘talk’ to each other, and even be controlled remotely.
Even the shelves themselves can be part of the security system. They can ‘feel’ when an item has been removed and a camera can be turned on to see what is happening. You can then follow the package wherever it is in the store to make sure it doesn’t leave the premises.
If a product goes missing, the system alerts the store immediately. This is a powerful tool in the fight against theft, known in retail as ‘shrinkage’.
Predicting the future would be such a benefit to every retail store owner. However, without a crystal ball it doesn’t seem possible. That is until now.
Predictive analytics is a way to analyze data to predict future events. In retail, it means looking at data like past sales, customer behavior, and market trends to guess what could happen next.
For example, let’s say you run a clothing store. Predictive analytics can look at your sales data and spot trends. Maybe it notices you sell more sweaters in October. So, next October, you know to stock up on sweaters. That’s almost as good as having a crystal ball.
Predictive analytics can also help with demand forecasting. This is predicting how much of a product you’ll need in the future. With accurate forecasts, you can avoid having too much product or having too little.
Better inventory control
As a retail store owner, you know that inventory control is crucial. Keeping track of what’s in stock, what’s running low, and what’s not selling can be a big job. It’s also a job that’s getting easier, thanks to robotics and automation.
If you have a warehouse then you can use smart technology to automate a lot of the operation. With RFID technology, inventory can be updated every time a package leaves the facility since the scanner can send a message to the tracking software.
This kind of accuracy saves time and money.