EFFICIENCY MANAGEMENT EFFECTIVE PRODUCTION

EFFICIENCY MANAGEMENT EFFECTIVE PRODUCTION

Five ways for the Internet of Things to Benefit Retail/Catering Chain Stores


Release Time:

2021-11-25

Most retail players often face multiple challenges, such as high electricity bills due to inefficient store operations, unpredictable failures due to lack of visibility into asset health, and consequently huge maintenance costs.

Most retail players often face multiple challenges, such as high electricity bills due to inefficient store operations, unpredictable failures due to lack of visibility into asset health, and consequently huge maintenance costs.

Many of them are so focused on these multiple challenges that they often overlook other potential challenges facing their clients. Few of these challenges include unpleasant store environments such as extreme cold, extreme heat or high humidity, high CO2, etc.

Not only do these challenges make it difficult for customers to spend more time in-store, but they can also negatively impact overall revenue and increase churn as they are often less likely to return.

As people say, "it's no use talking about problems unless you're talking about solutions". Hence, several organizations across the globe recognize the current need and try to address the above challenges with IoT-based solutions.

Let’s discuss some examples of how IoT-driven automation is revolutionizing the retail industry:

improve energy efficiency

The most basic way to improve energy efficiency is to reduce energy waste. A new generation of IoT-based sensors and actuators are designed to automatically keep spaces in perfect condition, keeping energy usage at optimal levels and helping to achieve energy savings of around 20%. These systems can dynamically adjust their status through different sensors (light, motion, humidity, CO2 level, etc.) to prevent potential energy waste.

Reduce failure

IoT-based sensors help to continuously monitor asset health and its performance against actual operational and safety standards. AI/ML based solutions use predictive maintenance to anticipate any possible failures in advance. Early detection of such events helps control maintenance costs and reduces asset failures by approximately 30%.

Improve customer comfort

An important factor in retail is the customer's willingness to come back. Apart from offering the best price and service, maintaining a comfortable atmosphere is also a must. IoT-based sensors and actuators help improve various comfort levels such as temperature and humidity by about 60%. A pleasant ambience not only improves the overall experience, but it also increases the willingness of customers to return.

Provide centralized visibility

For a chain of retail stores that are geographically dispersed, it becomes very important to achieve centralized visibility across retail stores. Lack of visibility can lead to sub-optimal operations and various unforeseen losses. By deploying IoT-based solutions, we can remotely monitor, control and automate multiple assets and compliance from a centralized cloud-based dashboard.

Securing Perishable Goods

When it comes to controlling losses and increasing operational efficiency, securing cargo becomes a very important factor. Multiple adverse conditions such as extreme cold, extreme heat, humidity, high asset downtime, etc. can cause perishable goods to deteriorate. Deterioration damage is often the result of lack of visibility into asset health and sub-optimal asset operation. This can greatly increase operating costs, so it needs to be controlled as early as possible. The IoT-based solution helps reduce the loss of perishable goods by about 20% through automated monitoring of assets.

In conclusion, we can say that IoT-based solutions do provide retailers with valuable insights that not only help improve customer experience but also have a significant impact on overall profits. Through IoT-based monitoring and automation solutions, retailers are successfully digitizing their physical stores to stay ahead. (compile iothome)