Retailers who give their customers this type of technology will see more sales of home staples, even if fewer customers are coming to the store
(PRWEB) January 22, 2015
The Internet of Things is often considered as a consumer-facing product, but Jason Hope and Forbes have indicated that the new technology will change not only the products consumers buy, but also the way retailers function. On January 9, Oracle Voice published an article on Forbes highlighting some of these changes, and Jason Hope believes 2015 is the year that more companies will begin to embrace this technology.
One of the technologies included in the article entitled "How the Internet of Things will Shake up Retail in 2015" is the use of RFID technology to tag and track inventory. With RFID tags, retailers can reduce out-of-stocks by as much as 50 percent, increase inventory accuracy to a rate of 99 percent accuracy, and improve sales by as much as 7 percent.
Bluetooth beacons, which track smartphones in the store and send coupons or information to the consumer as he shops, are another way that retail is tapping into the Internet of Things to improve sales figures. These beacons record path-to-purchase data as well, allowing retailers to make better choices as they promote merchandise in their stores.
Home replenishment is another excellent use of the IoT in retail shopping. This provides the consumer with a way to automatically order certain items from home whenever one runs out.
"Imagine, for instance, a consumer that heads to the pantry and realizes he is out of paper towels. Home replenishment technology would give the consumer a button to push to order more paper towels for home delivery from an online retailer," indicates Jason Hope. "Retailers who give their customers this type of technology will see more sales of home staples, even if fewer customers are coming to the store."
Retailers in the health and wellness markets are likely to tap into the Internet of Things in the coming year to capitalize on the consumer focus on healthy living. As more and more consumers start using health-tracking devices, retailers like drug stores are likely to offer connectivity options that will improve sales of health and wellness products.
"For retailers," says Hope, "this is really an exciting time to be in business. With so many Internet of Things options to help improve retail sales, the potential for profit is huge."
About Jason Hope
Jason Hope is a futurist and entrepreneur and is a resident of Scottsdale. He uses his resources to support research and development on products and studies that will improve the human condition. Learn more about his work at http://www.jasonhope.com.